Subjective biases and errors systematically affect market equilibria, whether at the population level or in bilateral trading. Here, we consider the possibility that an agent engaged in bilateral trading is mistaken about her own valuation of the good she expects to trade, that has not been explicitly incorporated into the existing bilateral trade literature. Although it may sound paradoxical that a subjective private valuation is something an agent can be mistaken about, as it is up to her to fix it, we consider the case in which that agent, seller or buyer, consciously or not, given the structure of a market, a type of good, and a temporary lack of information, may arrive at an erroneous valuation. The typical context through which this possibility may arise is in relation with so-called experience goods, which are sold while all their intrinsic qualities are still unknown (such as untasted bottled fine wines). We model this “private misvaluation” phenomenon in our study. The agents may also be mistaken about how their exchange counterparties are themselves mistaken. Formally, they attribute a certain margin of error to the other agent, which can differ from the actual way that another agent misvalues the good under consideration. This can constitute the source of a second-order misvaluation. We model different attitudes and situations in which agents face unexpected signals from their counterparties and the manner and extent to which they revise their initial beliefs. We analyse and simulate numerically the consequences of first-order and second-order misvaluation on market equilibria.

The fight against poverty is an urgent global challenge. Microinsurance is promoted as a valuable instrument for buffering income losses due to health or climate-related risks of low-income households in developing countries. However, apart from direct positive effects they can have unintended side effects when insured households lower their contribution to traditional arrangements where risk is shared through private monetary support.

RiskNetABM is an agent-based model that captures dynamics between income losses, insurance payments and informal risk-sharing. The model explicitly includes decisions about informal transfers. It can be used to assess the impact of insurance products and informal risk-sharing arrangements on the resilience of smallholders. Specifically, it allows to analyze whether and how economic needs (i.e. level of living costs) and characteristics of extreme events (i.e. frequency, intensity and type of shock) influence the ability of insurance and informal risk-sharing to buffer income shocks. Two types of behavior with regard to private monetary transfers are explicitly distinguished: (1) all households provide transfers whenever they can afford it and (2) insured households do not show solidarity with their uninsured peers.

The model is stylized and is not used to analyze a particular case study, but represents conditions from several regions with different risk contexts where informal risk-sharing networks between smallholder farmers are prevalent.

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Grasslands have a large share of the world’s land cover and their sustainable management is important for the protection and provisioning of grassland ecosystem services. The question of how to manage grassland sustainably is becoming increasingly important, especially in view of climate change, which on the one hand extends the vegetation period (and thus potentially allows use intensification) and on the other hand causes yield losses due to droughts. Fertilization plays an important role in grassland management and decisions are usually made at farm level. Data on fertilizer application rates are crucial for an accurate assessment of the effects of grassland management on ecosystem services. However, these are generally not available on farm/field scale. To close this gap, we present an agent-based model for Fertilization In Grasslands (FertIG). Based on animal, land-use, and cutting data, the model estimates grassland yields and calculates field-specific amounts of applied organic and mineral nitrogen on grassland (and partly cropland). Furthermore, the model considers different legal requirements (including fertilization ordinances) and nutrient trade among farms. FertIG was applied to a grassland-dominated region in Bavaria, Germany comparing the effects of changes in the fertilization ordinance as well as nutrient trade. The results show that the consideration of nutrient trade improves organic fertilizer distribution and leads to slightly lower Nmin applications. On a regional scale, recent legal changes (fertilization ordinance) had limited impacts. Limiting the maximum applicable amount of Norg to 170 kg N/ha fertilized area instead of farm area as of 2020 hardly changed fertilizer application rates. No longer considering application losses in the calculation of fertilizer requirements had the strongest effects, leading to lower supplementary Nmin applications. The model can be applied to other regions in Germany and, with respective adjustments, in Europe. Generally, it allows comparing the effects of policy changes on fertilization management at regional, farm and field scale.

An algorithm implemented in NetLogo that can be used for searching resources.

Demand planning requires processing of distributed information. In this process, individuals, their properties and interactions play a crucial role. This model is a computational testbed to investigate these aspects with respect to forecast accuracy.

We provide a full description of the model following the ODD protocol (Grimm et al. 2010) in the attached document. The model is developed in NetLogo 5.0 (Wilenski 1999).

An agent-based framework that aggregates social network-level individual interactions to run targeting and rewarding programs for a freemium social app. Git source code in https://bitbucket.org/mchserrano/socialdynamicsfreemiumapps

This model allows for the investigation of the effect spatial clustering of raw material sources has on the outcome of the neutral model of stone raw material procurement by Brantingham (2003).

CHALMS simulates housing and land market interactions between housing consumers, developers, and farmers in a growing ex-urban area.

This model makes it possible to explore how network clustering and resistance to changing existing status beliefs might affect the spontaneous emergence and diffusion of such beliefs as described by status construction theory.