Motivated by the emergence of new Peer-to-Peer insurance organizations that rethink how insurance is organized, we propose a theoretical model of decision-making in risk-sharing arrangements with risk heterogeneity and incomplete information about the risk distribution as core features. For these new, informal organisations, the available institutional solutions to heterogeneity (e.g., mandatory participation or price differentiation) are either impossible or undesirable. Hence, we need to understand the scope conditions under which individuals are motivated to participate in a bottom-up risk-sharing setting. The model puts forward participation as a utility maximizing alternative for agents with higher risk levels, who are more risk averse, are driven more by solidarity motives, and less susceptible to cost fluctuations. This basic micro-level model is used to simulate decision-making for agent populations in a dynamic, interdependent setting. Simulation results show that successful risk-sharing arrangements may work if participants are driven by motivations of solidarity or risk aversion, but this is less likely in populations more heterogeneous in risk, as the individual motivations can less often make up for the larger cost deficiencies. At the same time, more heterogeneous groups deal better with uncertainty and temporary cost fluctuations than more homogeneous populations do. In the latter, cascades following temporary peaks in support requests more often result in complete failure, while under full information about the risk distribution this would not have happened.

An agent-based model for the diffusion of innovations with multiple characteristics and price-premiums

AMIRIS is the Agent-based Market model for the Investigation of Renewable and Integrated energy Systems.

It is an agent-based simulation of electricity markets and their actors.
AMIRIS enables researches to analyse and evaluate energy policy instruments and their impact on the actors involved in the simulation context.
Different prototypical agents on the electricity market interact with each other, each employing complex decision strategies.
AMIRIS allows to calculate the impact of policy instruments on economic performance of power plant operators and marketers.
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The Price Evolution with Expectations model provides the opportunity to explore the question of non-equilibrium market dynamics, and how and under which conditions an economic system converges to the classically defined economic equilibrium. To accomplish this, we bring together two points of view of the economy; the classical perspective of general equilibrium theory and an evolutionary perspective, in which the current development of the economic system determines the possibilities for further evolution.

The Price Evolution with Expectations model consists of a representative firm producing no profit but producing a single good, which we call sugar, and a representative household which provides labour to the firm and purchases sugar.The model explores the evolutionary dynamics whereby the firm does not initially know the household demand but eventually this demand and thus the correct price for sugar given the household’s optimal labour.

The model can be run in one of two ways; the first does not include money and the second uses money such that the firm and/or the household have an endowment that can be spent or saved. In either case, the household has preferences for leisure and consumption and a demand function relating sugar and price, and the firm has a production function and learns the household demand over a set number of time steps using either an endogenous or exogenous learning algorithm. The resulting equilibria, or fixed points of the system, may or may not match the classical economic equilibrium.

This model simulates the behaviour of the agents in 3 wine markets parallel trading systems: Liv-ex, Auctions and additionally OTC market (finally not used). Behavioural aspects (impatience) is additionally modeled. This is an extention of parallel trading systems model with technical trading (momentum and contrarian) and noise trading.

The model simulates agents behaviour in wine market parallel trading systems: auctions, OTC and Liv-ex. Models are written in JAVA and use MASON framework. To run a simulation download source files with additional src folder with sobol.csv file. In WineSimulation.java set RESULTS_FOLDER parameter. Uses following external libraries mason19..jar, opencsv.jar, commons-lang3-3.5.jar and commons-math3-3.6.1.jar.

This model simulates a group of farmers that have encounters with individuals of a wildlife population. Each farmer owns a set of cells that represent their farm. Each farmer must decide what cells inside their farm will be used to produce an agricultural good that is self in an external market at a given price. The farmer must decide to protect the farm from potential encounters with individuals of the wildlife population. This decision in the model is called “fencing”. Each time that a cell is fenced, the chances of a wildlife individual to move to that cell is reduced. Each encounter reduces the productive outcome obtained of the affected cell. Farmers, therefore, can reduce the risk of encounters by exclusion. The decision of excluding wildlife is made considering the perception of risk of encounters. In the model, the perception of risk is subjective, as it depends on past encounters and on the perception of risk from other farmers in the community. The community of farmers passes information about this risk perception through a social network. The user (observer) of the model can control the importance of the social network on the individual perception of risk.

Overview

Purpose

Modeling an economy with stable macro signals, that works as a benchmark for studying the effects of the agent activities, e.g. extortion, at the service of the elaboration of public policies..
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I added a discounting rate to the equation for expected values of defective / collaborative strategies.
The discounting rate was set to 0.956, the annual average from 1980 to 2015, using the Consumer Price Index (CPI) of Statistics Korea.

The current rate of production and consumption of meat poses a problem both to peoples’ health and to the environment. This work aims to develop a simulation of peoples’ meat consumption behaviour in Britain using agent-based modelling. The agents represent individual consumers. The key variables that characterise agents include sex, age, monthly income, perception of the living cost, and concerns about the impact of meat on the environment, health, and animal welfare. A process of peer influence is modelled with respect to the agents’ concerns. Influence spreads across two eating networks (i.e. co-workers and household members) depending on the time of day, day of the week, and agents’ employment status. Data from a representative sample of British consumers is used to empirically ground the model. Different experiments are run simulating interventions of application of social marketing campaigns and a rise in price of meat. The main outcome is the average weekly consumption of meat per consumer. A secondary outcome is the likelihood of eating meat.