Economic history shows a large number of boom-bust cycles, with the U.S. real estate market as one of the latest examples. Classical economic models have not been able to provide a full explanation for this type of market dynamics. Therefore, we analyze home prices in the U.S. using an alternative approach, a multi-agent complex system. Instead of the classical assumptions of agent rationality ...

The performance parameters, energetic characteristics and cost factors of direct drilling were evaluated by longterm trials carried out in Osztopán and Gödöllő regions. The effect of direct drilling, disking, ploughing, and soil loosening combined with disking and ploughing on the soil conditions, yields and cost factors was evaluated and based on the examination results. The economic compariso...

The development of new antibiotics is dependent on their performance in economic models that favour products with large markets, high levels of potential sales and low development risks. There is a trend toward more severe and more widespread market restrictions for the use of antibiotics, ostensibly to control resistance, though they may be enacted through the control of drug budgets. The rest...

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An important class of economic models involve agents whose wealth changes due to transactions with other agents. Several authors have pointed out an analogy with kinetic theory, which describes molecules whose momentum and energy change due to interactions with other molecules. We pursue this analogy and derive a Boltzmann equation for the time evolution of the wealth distribution of a populati...

We derive an analytical solution for the wage from an alternating-offer wage bargaining game à la Hall and Milgrom (2008) under a plausible parameter restriction. This solution is simple, micro-founded and permits a transparent analysis of the driving forces of wages. We argue that it can be used in a wide range of economic models incorporating the search and matching theory of unemployment to ...

Money is the prime incentive considered in economic models. However, evidence from other fields suggests that people are also greatly concerned about their social rankings. It is unclear whether this is because rank brings tangible benefits, or because people also have an intrinsic desire for high rank. This paper provides evidence for the latter. In our field experiment, Vietnamese students pe...

This paper argues that existing models of urban concentrations are incomplete unless grounded in the most fundamental aspect of proximity; face-to-face contact. Face-to-face contact has four main features; it is an efficient communication technology; it can help solve incentive problems; it can facilitate socialization and learning; and it provides psychological motivation. We discuss each of t...

This study proposes a comprehensive framework for characterizing the economic model that underlies an entrepreneurial venture. The proposed framework includes four components: revenue drivers, operating leverage, margins, and volumes. Further, volumes and revenue drivers have two sub-components. A foundation for each is established. To test the framework, a survey instrument was developed and a...

In this paper we review evolutionary economic modelling in relation to environmental policy. We discuss three areas in which evolutionary economic models have a particularly high added value for environmental policy-making: the double externality problem, technological transitions and consumer demand. We explore the possibilities to apply evolutionary economic models in environmental policy ass...