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This paper investigates the impact of agents' trading decisions on market liquidity and transactional efficiency in markets for illiquid (hard-to-trade) assets. Drawing on a unique order book dataset from the fine wine exchange Liv-ex, we offer novel insights into liquidity dynamics in illiquid markets. Using an agent-based framework, we assess the adequacy of conventional liquidity measures in capturing market liquidity and transactional efficiency. Our main findings reveal that conventional liquidity measures, such as the number of bids, asks, new bids and new asks, may not accurately represent overall transactional efficiency. Instead, volume (measured by the number of trades) and relative spread measures may be more appropriate indicators of liquidity within the context of illiquid markets. Furthermore, our simulations demonstrate that a greater number of traders participating in the market correlates with an increased efficiency in trade execution, while wider trader-set margins may decrease the transactional efficiency. Interestingly, the trading period of the agents appears to have a significant impact on trade execution. This suggests that granting market participants additional time for trading (for example, through the support of automated trading systems) can enhance transactional efficiency within illiquid markets. These insights offer practical implications for market participants and policymakers aiming to optimise market functioning and liquidity.
A more complete description of the model can be found in Appendix I as an ODD protocol. This model is an expansion of the Hemelrijk (1996) that was expanded to include a simple food seeking behavior.
This NetLogo model implements the Walk Away strategy in a spatial public goods game, where individuals have the ability to leave groups with insufficient levels of cooperation.
Reusing existing material stocks in developed built environments can significantly reduce the environmental footprint of the construction and demolition sector. However, material reuse in urban areas presents technical, temporal, and geographical challenges. Although a better understanding of spatial and temporal changes in material stocks could improve city resource management, limited scientific contributions have addressed this challenge.
This study details the steps followed in developing a spatially explicit rule-based simulation of materials stock. The simulation provides a proof of concept by incorporating the spatial and temporal dimensions of construction and demolition activities to analyse how various urban parameters determine material flows and embodied carbon in urban areas. The model explores the effects of 1) re-using recycled materials, 2) demolitions, 3) renovations and 4) various building typologies.
To showcase the model’s capabilities, the residential building stock of Gothenburg City is used as a case study, and eight building materials are tracked. Environmental impacts (A1-A3) are calculated with embodied carbon factors. The main parameters are explored in a baseline scenario. Then, a second scenario focuses on a hypothetical policy that promotes improvements in building energy performance.
The simulation can be expanded to include more materials and built environment assets and allows for future explorations on, for example, the role of logistics, the implementation of recycling or reuse stations, and, in general, supporting sustainable and circular strategies from the construction sector.
Patagonia PSMED is an agent-based model designed to study a simple case of Evolution of Ethnic Differentiation. It replicates how can hunter-gatherer societies evolve and built cultural identities as a consequence of the way they interacted.
Package for simulating the behavior of experts in a scientific-forecasting competition, where the outcome of experiments itself depends on expert consensus. We pay special attention to the interplay between expert bias and trust in the reward algorithm. The package allows the user to reproduce results presented in arXiv:2305.04814, as well as testing of other different scenarios.
ABMIND, the Agent-Based Model of Individual Psychological Distance, is a modeling framework developed to examine how psychological distance influences environmental protection behavior in coastal farming communities in southern China. Using household survey data and empirically estimated behavioral pathways, the model represents how uncertainty shapes four dimensions of psychological distance, namely temporal, spatial, social and hypothetical distance, and how these dimensions guide protection and degradation decisions. Agents include households, government actors and mangrove ecosystem patches, connected through social networks and ecological feedbacks that affect learning, expectations and perceived benefits. Policy interventions such as rewards, penalties and publicity guidance efforts work by modifying uncertainty and psychological distance rather than directly controlling behavior. ABMIND is implemented as a spatially explicit model following the ODD protocol, and a concise user guide is provided. In developing ABMIND we introduce a structured validation workflow that links statistical mediation analysis with simulation-based diagnostics, allowing empirical cognitive mechanisms to be systematically embedded and tested within the ABM. This integrated approach strengthens the credibility of psychological-mechanism models and supports their use in policy evaluation. The framework offers a methodological platform for integrating cognitive mechanisms into agent-based environmental behavior modeling and for evaluating policy strategies that support ecosystem protection.
Model paper:
ABMIND: An empirically informed agent-based model of psychological distance and environmental protection behaviour
Ecological Modelling
https://doi.org/10.1016/j.ecolmodel.2026.111700
Simulates the construction of scientific journal publications, including authors, references, contents and peer review. Also simulates collective learning on a fitness landscape. Described in: Watts, Christopher & Nigel Gilbert (forthcoming) “Does cumulative advantage affect collective learning in science? An agent-based simulation”, Scientometrics.
Must tax-benefit policy making be limited to the ‘experts’?
An Agent-based model simulates consumer demand for Smart Metering tariffs. It utilizes the Bass Diffusion Model and Rogers´s adopter categories. Integration of empirical census microdata enables a validated socio-economic background for each consumer.
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