This chapter surveys work on dynamic heterogeneous agent models (HAMs) in economics
and finance. Emphasis is given to simple models that, at least to some extent, are tractable …

This chapter surveys the state-of-art of heterogeneous agent models (HAMs) in finance
using a jointly theoretical and empirical analysis, combined with numerical analysis from the …

The paper moves from a discussion of the challenges posed by the crisis to standard
macroeconomics and the solutions adopted within the DSGE community. Although several …

Recognising that the economy is a complex system with boundedly rational interacting
agents, the book presents a theory of behavioral rationality and heterogeneous expectations …

We introduce an order-driven market model with heterogeneous agents trading via a central
order matching mechanism. Traders set bids and asks and post market or limit orders …

Publisher Summary Although there might be agreement that the standard paradigm does
not fully explain what is causing the evolution of speculative asset prices, there may be less …

The use of equilibrium models in economics springs from the desire for parsimonious
models of economic phenomena that take human reasoning into account. This approach …

This paper provides a detailed description of the Eurace@ Unibi model, which has been
developed as a versatile tool for macroeconomic analysis and policy experiments. The …

Publisher Summary This chapter explores some behavioral finance models with
evolutionary selection of heterogeneous trading strategies. When strategy selection is driven …

This document provides a description of the modeling assumptions and economic features
of the Eurace@ Unibi model. Furthermore, the document shows typical patterns of the output …