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This thesis describes methods to model the land use component of an urban system. Specifi- cally, it proposes methods to model and simulate the location choice of agents (households or firms) and the formation of prices for real estate goods in a city. The ...
Rational economics and finance surmise that choices decree from a conscious arbitration between alternatives based on decision-theoretically computed values. Implicit in the computation of these option values are the perception and integration of different ...
In contrast with expected utility theory, empirical findings indicate that decision-makers are sensitive to departures from reference points rather than states. Several tests of the reference-dependent preference framework have been carried out in experime ...
This article describes how prices are treated in economic theory. Section 17.2 begins by introducing the concepts of ‘rational preference’ and ‘utility function’, which are standard building blocks of models that attempt to explain choice behaviour. Sectio ...
Is the human brain wired for wealth? The setting is the high-velocity financial environment. Undoubtedly, the development of sophisticated derivative instruments has improved the allocation of risk across economies, highlighting the nexus between banking a ...
Several mechanisms have been proposed for incentivizing truthful reports of a private signals owned by rational agents, among them the peer prediction method and the Bayesian truth serum. The robust Bayesian truth serum (RBTS) for small populations and bin ...
We study the existence of dynamic equilibria with endogenously complete markets in continuous-time, heterogenous agents economies driven by diffusion processes. Our main results show that under appropriate conditions on the transition density of the state ...
Computational reputation-based trust models using statistical learning have been intensively studied for distributed systems where peers behave maliciously. However practical applications of such models in environments with both malicious and rational beha ...
In airline schedule planning models, the demand and price information are usually taken as inputs to the model. Therefore schedule and capacity decisions are taken separately from pricing decisions. In this paper we present an integrated scheduling, fleeti ...
This article is inspired by the observation of a massive change of opinion on the part of economists regarding the question of the patent as a mechanism allowing an economically acceptable solution to be found to the so-called “imperfect appropriability” p ...
