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[BOOK] Handbook of computational economics: agent-based computational economics

L Tesfatsion… - 2006 - books.google.com
The explosive growth in computational power over the past several decades offers new tools
and opportunities for economists. This handbook volume surveys recent research on Agent-
based Computational Economics (ACE), the computational study of economic processes ...
Cited by 449 - Related articles - Get it from MIT Libraries - Library Search - All 9 versions

Agent-based computational economics: A constructive approach to economic theory

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L Tesfatsion - Handbook of computational economics, 2006 - Elsevier
Abstract Economies are complicated systems encompassing micro behaviors, interaction
patterns, and global regularities. Whether partial or general in scope, studies of economic
systems must consider how to handle difficult real-world aspects such as asymmetric ...
Cited by 319 - Related articles - All 40 versions

Introduction to the special issue on agent-based computational economics

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L Tesfatsion - Journal of Economic Dynamics and Control, 2001 - Elsevier
A brief overview of agent-based computational economics (ACE) is given, followed by a
synopsis of the articles included in this special issue on ACE and in a companion special
issue on ACE scheduled to appear in Computational Economics.
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[PDF] HOW ECONOMISTS CAN GET ALIFE1

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L Tesfatsion - 2008 - Citeseer
Abstract: This paper presents a summary overview of the fast-developing eld of arti cial life,
stressing aspects especially relevant for the study of decentralized market economies. In
particular, a recently developed trade network game (TNG) is used to illustrate how the ...
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Iterated prisoner's dilemma with choice and refusal of partners

EA Stanley, D Ashlock… - Staff General Research …, 1994 - ideas.repec.org
This article extends the traditional iterated prisoner's dilemma (IPD) with round-robin partner
matching by permitting players to choose and refuse partners in each iteration on the basis
of continually updated expected payoffs. Comparative computer experiments are reported ...
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[PDF] A trade network game with endogenous partner selection

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L Tesfatsion - Advances in Computational Economics, 1997 - Citeseer
Abstract. This paper develops an evolutionary trade network game (TNG) that combines
evolutionary game play with endogenous partner selection. Successive generations of
resource-constrained buyers and sellers choose and refuse trade partners on the basis of ...
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Preferential partner selection in an evolutionary study of prisoner's dilemma

[PDF] from 129.3.20.41
D Ashlock, MD Smucker, E Stanley… - BioSystems, 1996 - Elsevier
Partner selection is an important process in many social interactions, permitting individuals
to decrease the risks associated with cooperation. In large populations, defectors may
escape punishment by roving from partner to partner, but defectors in smaller populations ...
Cited by 139 - Related articles - All 21 versions

Appendix AA Guide for Newcomers to Agent-Based Modeling in the Social Sciences

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R Axelrod… - Handbook of computational economics, 2006 - Elsevier
Unlike established methodologies such as statistics and mathematics, ABM has not yet developed
a widely shared understanding of what a newcomer should learn. For decades, concepts such
as the level of significance in statistics and the derivative in mathematics have been ...
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Stochastic dominance and the maximization of expected utility

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L Tesfatsion - The Review of Economic Studies, 1976 - JSTOR
In attempting to construct a general framework for the analysis of choice under uncertainty,
researchers have sought to establish reasonable criteria for the selection of one prospect
over another. Among current researchers the concept of stochastic dominance'has ...
Cited by 88 - Related articles - Library Search - All 17 versions

Structure, behavior, and market power in an evolutionary labor market with adaptive search

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L Tesfatsion - Journal of Economic Dynamics and Control, 2001 - Elsevier
This study uses an agent-based computational labor market framework to experimentally
study the relationship between job capacity, job concentration, and market power. Job
capacity is measured by the ratio of potential job openings to potential work offers, and job ...
Cited by 91 - Related articles - Library Search - All 25 versions

Dynamic testing of wholesale power market designs: An open-source agent-based framework

[PDF] from 129.186.33.9
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J Sun… - Computational Economics, 2007 - Springer
Abstract In April 2003 the US Federal Energy Regulatory Commission proposed a
complicated market design—the Wholesale Power Market Platform (WPMP)—for common
adoption by all US wholesale power markets. Versions of the WPMP have been ...
Cited by 77 - Related articles - BL Direct - All 24 versions

Handbook of computational economics II: Agent-Based computational economics

KL Judd… - Handbooks in Economics Series, …, 2005 - en.scientificcommons.org
Abstract A modern market-based economy is an example of a complex adaptive system,
consisting of a decentralized collection of autonomous adaptive agents interacting over time
in various market contexts. These massively parallel local interactions give rise to global ...
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Introduction

Full text - MIT Libraries
L Tesfatsion - Computational Economics, 2001 - Springer
A brief overview of agent-based computational economics (ACE) isgiven, followed by a
synopsis of the articles included in thisspecial issue on ACE and in a companion special
issue on ACEscheduled to appear in the Journal of Economic Dynamics andControl.
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Modeling macroeconomies as open-ended dynamic systems of interacting agents

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B LeBaron… - The American Economic Review, 2008 - JSTOR
Macroeconomists seek to understand the structure and performance of economies at a
national or regional level and the manner in which government policymakers attempt to
influence this structure and performance over time. Such understanding would seem to ...
Cited by 54 - Related articles - BL Direct - All 16 versions

A C++ platform for the evolution of trade networks

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D McFadzean… - Computational Economics, 1999 - Springer
This paper presents a general C++ platform for the implementation of a trade network game
(TNG) that combines evolutionary game play with preferential partner selection. In the TNG,
successive generations of resource constrained traders choose and refuse trade partners ...
Cited by 46 - Related articles - Library Search - BL Direct - All 19 versions

Economic agents and markets as emergent phenomena

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L Tesfatsion - Proceedings of the National Academy of …, 2002 - National Acad Sciences
Abstract An overview of recent work in agent-based computational economics is provided,
with a stress on the research areas highlighted in the National Academy of Sciences Sackler
Colloquium session “Economic Agents and Markets as Emergent Phenomena” held in ...
Cited by 45 - Related articles - BL Direct - All 16 versions

US money demand instability A flexible least squares approach

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L Tesfatsion… - Journal of Economic Dynamics and Control, 1990 - Elsevier
Abstract This paper uses a flexible least squares (FLS) time-varying linear regression
technique to investigate coefficient stability for the Goldfeld US money demand model over
the period 1959: Q2 to 1985: Q3. Time paths traced out by the FLS coefficient estimates ...
Cited by 41 - Related articles - All 10 versions

Macrodynamic implications of income-transfer policies for human capital investment and school effort

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P Orazem… - Journal of Economic Growth, 1997 - Springer
The distortion in educational investment in poorer childrenis often attributed to credit market
imperfections and henceto the unequal access of children to educational opportunity.
However, the distortion might also be attributable to disincentiveeffects that cause children ...
Cited by 39 - Related articles - BL Direct - All 16 versions

[PDF] Agent-based computational economics: A brief guide to the literature

[PDF] from 129.3.20.41
L Tesfatsion - Iowa State University, 2000 - 129.3.20.41
The newly developing field of agent-based computational economics (ACE) is roughly
defined by its practitioners as the computational study of economies modelled as evolving
systems of autonomous interacting agents. 1 A principal concern of ACE researchers is to ...
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[PDF] The flexible least squares approach to time-varying linear regression

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R Kalaba… - Journal of Economic Dynamics and Control, 1988 - Citeseer
Consider an investigator who obtains noisy observations on a process and who wishes to
learn about the actual sequence of states through which the process has passed. Suppose
the investigator believes the process is adequately described by non-linear dynamic and ...
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[PDF] Agent-based computational economics

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L Tesfatsion… - Handbook of computational economics, 2006 - assembla.com
Abstract: Agent-based computational economics (ACE) is the computational study of
economies modeled as evolving systems of autonomous interacting agents. Starting from
initial conditions, specified by the modeler, the computational economy evolves over time ...
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[PDF] ISU Economic Report No. 55 Non-Employment Benefits and the Evolution of Worker-Employer Cooperation: Experiments with Real and Computational Agents

[PDF] from iastate.edu
M Pingle… - 2001 - econ.iastate.edu
Abstract Experiments with real and computational agents are used to examine the impact of
changing the level of a non-employment payoff on the evolution of cooperation between
workers and employers participating in a sequential employment game with incomplete ...
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[BOOK] Gale-shapley matching in an evolutionary trade network game

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L Tesfatsion - 1998 - econ.iastate.edu
Abstract: This study investigates the performance of Gale-Shapley matching in an
evolutionary market context. Computational experimental findings are reported for an
evolutionary match-and-play trade network game in which resource-constrained traders ...
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Preferential partner selection in evolutionary labor markets: A study in agent-based computational economics

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L Tesfatsion - Evolutionary programming VII, 1998 - Springer
This paper reports on computational experiments for an agent-based computational
economics (ACE) model of a labor market with choice and refusal of contractual partners
and endogenously evolving work-site behavior. Three types of labor market structures are ...
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[PDF] Testing the reliability of FERC's Wholesale Power Market Platform: an agent-based computational economics approach

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D Koesrindartoto… - … of the 24th USAEE/IAEE North …, 2004 - econ.iastate.edu
Abstract: In April 2003 the US Federal Energy Regulatory Commission proposed the
Wholesale Power Market Platform (WPMP) for common adoption by US wholesale power
markets. The WPMP is a complicated market design encompassing real-time, day-ahead, ...
Cited by 19 - Related articles - View as HTML - All 8 versions

Evolution of worker-employer networks and behaviors under alternative unemployment benefits: An agent-based computational study

M Pingle… - … , Proceedings of the Wild@ Ace 2003 …, 2003 - books.google.com
... AND BEHAVIORS UNDER ALTERNATIVE NON-EMPLOYMENT BENEFITS: AN AGENT-BASED
COMPUTATIONAL STUDY* MARK PINGLE Department of Economics, University of Nevada,
Reno Reno, Nevada 89557-0016, USA LEIGH TESFATSION Department of ...
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Agent-based computational economics: A brief guide to the literature

L Tesfatsion - Reader's Guide to the Social Sciences, Volume 1, …, 2001 - Citeseer
Abstract The newly developing eld of agent-based computational economics (ACE) is
roughly de-ned by its practitioners as the computational study of economies modelled as
evolving systems of autonomous interacting agents. 1 A principal concern of ACE ...
Cited by 18 - Related articles - Cached - All 2 versions

Time inconsistency of benevolent government economies

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L Tesfatsion - Journal of Public Economics, 1986 - Elsevier
Abstract A dynamic Walrasian economy is said to exhibit inconsistency if the competitive
equilibrium path resulting from government reoptimization at some time τ> 0 is not a
continuation of the competitive equilibrium path resulting from the initial government ...
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11 Hysteresis in an Evolutionary Labor Market with Adaptive Search

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L Tesfatsion - Evolutionary Computation in Economics and …, 2002 - books.google.com
Abstract. This study undertakes a systematic experimental investigation of hysteresis (path
dependency) in an agent-based computational labor market framework. It is shown that
capacity asymmetries between work suppliers and employers can result in two distinct ...
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Agents come to bits: Towards a constructive comprehensive taxonomy of economic entities

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L Tesfatsion - Journal of Economic Behavior & Organization, 2007 - Elsevier
Mirowski [Mirowski, P., 2007. Markets come to bits: evolution, computation, and markomata
in economic science. Journal of Economic Behavior and Organization 63, 209–242] argues
for a constructive approach to economic modeling centered on markets as evolving ...
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Development of open source software for power market research: The AMES test bed

H Li… - Staff General Research Papers, 2009 - ideas.repec.org
Open Source Software (OSS) expresses the idea that developers should be able to license the
publication of their software in a manner permitting anyone to freely use, modify, and distribute
the software. Today OSS is widely used in the software industry, such as for language ...
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Separation and volatility of locational marginal prices in restructured wholesale power markets

H Li, J Sun… - Staff General Research Papers, 2009 - ideas.repec.org
... Somani, Abhishek & Tesfatsion, Leigh S., 2008. "An Agent-Based Test Bed Study of Wholesale
Power Market Performance Measures," Staff General Research Papers 12977, Iowa State
University, Department of Economics. Junjie Sun & Leigh Tesfatsion, 2007. ...
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Global and approximate global optimality of myopic economic decisions

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L Tesfatsion - Journal of Economic Dynamics and Control, 1980 - Elsevier
Abstract A general discrete-time stochastic control model is developed which encompasses
many well-known economic models. In the context of the general model, sufficient conditions
are derived for the equivalence and approximate equivalence of myopic (sequential ...
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A note on dependence between a venture and a current prospect

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C Hildreth… - Journal of Economic Theory, 1977 - Elsevier
Abstract Some sufficient conditions that a random variable be positively correlated with
every strictly decreasing function of a second random variable are developed and applied to
the problem of choosing the optimal amount of an uncertain venture. Two of the conditions ...
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[CITATION] Handbook of Computational Economics., volume Volume 2: Agent-Based Computational Economics of Handbook in Economics 13

L Tesfatsion… - 2006 - North-Holland
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[CITATION] A constructive approach to economic theory

LS Tesfatsion - Handbook of Computational Economics, 2006
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Overlapping generations, intermediation, and the first welfare theorem

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M Pingle… - Journal of Economic Behavior & Organization, 1991 - Elsevier
Abstract The First Welfare Theorem fails to hold for standard pure exchange overlapping
generations economies because no agent exploits' the profit opportunities which can arise
from mediating intertemporal trade. This paper modifies the standard economy by ...
Cited by 9 - Related articles - All 12 versions

Dynamic investment, risk aversion, and foresight sensitivity

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L Tesfatsion - Journal of Economic Dynamics and Control, 1981 - Elsevier
Abstract Since optimal investment strategies generally cannot be obtained in closed form
when utility functions exhibit non-constant risk aversion, most dynamic investment studies
have focused on the constant risk aversion case. The present paper investigates a ...
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[PDF] Active intermediation in a monetary overlapping generations economy

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M Pingle… - Journal of Economic Dynamics and Control, 1998 - Citeseer
ABSTRACT Currently it is widely believed that government intervention is essential to
ensure Pareto e ciency in the standard overlapping generations economy. This paper shows
that the pro t-seeking activities of private intermediaries| missing from the standard ...
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Active intermediation in overlapping generations economies with production and unsecured debt

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M Pingle… - Macroeconomic Dynamics, 1998 - Cambridge Univ Press
It is well known that the first welfare theorem can fail for overlapping generations economies
with private production and unsecured debt. This paper demonstrates that the reason for this
failure is that intermediation is modeled as a purely passive coordination activity ...
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[CITATION] Notes on the santa Fe Artificial stock Market model

L Tesfatsion - Econ 308x: Agent-based Computational Economics, 2002
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[BOOK] A model of choice with uncertain initial prospect

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C Hildreth… - 1974 - econ.umn.edu
In an earlier work, one of the authors [lJ developed an abstract model for choice from a one-
dimensional family of uncertain ventures and applied some of the results to problems of
betting. The principal innovation in the model was the inclusion of an uncertain initial ...
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A conditional expected utility model for myopic decision makers

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L Tesfatsion - Theory and Decision, 1980 - Springer
An expected utility model is formulated and axiomatized which allows the decision maker to
specify his actions in the form of partial rather than complete contingency plans, and to
simultaneously choose goals and actions in end-mean pairs. Both utility and probability ...
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A further note on flexible least squares and Kalman filtering

RE Kalaba… - Staff General Research Papers, 1990 - ideas.repec.org
The logical relationship between the multicriteria Flexible Least Squares (FLS) method
and Kalman filtering is clarified. Annotated pointers to related work can be accessed
here: http://www.econ.iastate.edu/tesfatsi/flshome.htm.
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[CITATION] AMES Wholesale Power Market Test Bed Homepage

L Tesfatsion - hosted by the Economics Department, Iowa State …, 2010
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A dual approach to Bayesian inference and adaptive control

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L Tesfatsion - Theory and Decision, 1982 - Springer
Probability updating via Bayes' rule often entails extensive informational and computational
requirements. In consequence, relatively few practical applications of Bayesian adaptive
control techniques have been attempted. This paper discusses an alternative approach to ...
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[BOOK] Teaching agent-based computational economics to graduate students

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L Tesfatsion - 1998 - Citeseer
Abstract: Agent-based computational economics (ACE) is roughly de ned as the
computational study of economies modelled as evolving decentralized systems of
autonomous interacting agents. A key focus of ACE research is understanding how global ...
Cited by 5 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - All 23 versions

[PDF] Derivation of locational marginal prices for restructured wholesale power markets

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H Liu, L Tesfatsion… - Journal of Energy Markets, 2009 - econ.iastate.edu
Executive Summary Although Locational Marginal Pricing (LMP) plays an important role in
many restructured wholesale power markets, the detailed derivation of LMPs as actually
used in industry practice is not readily available. This lack of transparency greatly hinders ...
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Fair division with uncertain needs and tastes

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L Tesfatsion - Social Choice and Welfare, 1985 - Springer
Previous studies have shown that egalitarianism maximizes expected social welfare in a
contractarian original position with equally likely risk-averse agent tastes. The present paper
characterizes agents by subsistence needs as well as by tastes, allows infinitely many ...
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[CITATION] Agent-Based Computational Economics: Growing Economies from the Bottom Up

T Leigh - 2002 - ISU Economics Working Paper
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[BOOK] " Bayes' theorem" for utility

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L Tesfatsion - 1976 - econ.iastate.edu
ABSTRACT An algorithm is proposed for updating an initial period objective (risk) function
by means of transitional utility (loss) assessments, in a manner analogous to Bayes' theorem
for probability. Specification of updated probability assessments is not required. The ...
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11 Agent-based modeling: the right mathematics for the social sciences?

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PL Borrill… - The Elgar Companion to Recent …, 2012 - books.google.com
As in the physical sciences, theoretical modeling in the social sciences typically entails the
specification and analysis of parameterized systems of differential equations. Many critical
insights have been obtained by social scientists using this powerful classical mathematics ...
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Games, goals, and bounded rationality

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L Tesfatsion - Theory and decision, 1984 - Springer
A generalization of the standard n-person game is presented, with flexible information
requirements suitable for players constrained by certain types of bounded rationality.
Strategies (complete contingency plans) are replaced by “policies”, ie, endmean pairs of ...
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[BOOK] An evolutionary trade network game with preferential partner selection

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L Tesfatsion - 1996 - Citeseer
Abstract An evolutionary trade network game (TNG) is proposed for studying the interplay
between evolutionary game dynamics and preferential partner selection in various market
contexts with distributed adaptive agents. The modular form of the TNG facilitates ...
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Testing institutional arrangements via agent-based modeling: A US electricity market application

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H Li, J Sun… - Computational Methods in Economic …, 2011 - Springer
Many critical goods and services in modern-day economies are produced and distributed
through complex institutional arrangements. Agent-based computational economics (ACE)
modeling tools are capable of handling this degree of complexity. In concrete support of ...
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[PDF] Ex Ante Capacity E ects in Evolutionary Labor Markets with Adaptive Search1

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L Tesfatsion - Economic Report, 1998 - Citeseer
Abstract: This study reports on computational experiments for an agent-based labor market
model with adaptive choice and refusal of worksite partners and with endogenously evolving
worksite behaviors. Two treatment factors are experimentally varied: market structure; and ...
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[CITATION] Evolution of Worker-Employer Networks and Behaviors Under Alternative Non-Employment Benefits: An Agent-Based Computational Study

L Tesfatsion… - Computing in Economics and Finance …, 2003 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
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[CITATION] Agent-based computational economics: A brief guide to the literature. 1998

L Tesfatsion - 2004
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[CITATION] Walras' Law, Pareto Efficiency, and Intermediation in Overlapping Generations Economies

M Pingle… - Economic Report, 1994
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[CITATION] How to Get A-Life

L Tesfatsion - 1993 - unpublished manuscript. Iowa State …
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[CITATION] ACE research area: Restructured electricity markets

L Tesfatsion - 2007 - … available at http://www. econ. iastate …
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[PDF] An Expected Utility Model with Endogenously Determined Goals

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L Tesfatsion - 1975 - econ2.econ.iastate.edu
ABSTRACT An expected utility model of individual choice is formulated which allows the
decision maker to specify his available actions in the forn). of" controls"(partial contingency
plans) and to simultaneously choose goals and controls in end-mean pairs. It is shown ...
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Agent Learning Representation: Advice on Modelling Economic Learning. Handbook of Computational Economics

T Brenner, L Tesfatsion… - 2005 - en.scientificcommons.org
Abstract This chapter presents an overview of the existing learning models in the economic
literature. Furthermore, it discusses the choice of models that should be used under various
circumstances and how adequate learning models can be chosen in simulation ...
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[BOOK] Axiomatization for an expected utility model with endogenously determined goals

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L Tesfatsion - 1975 - econ.umn.edu
ABSTRACT In [7] a" goal-control expected utility model" was formulated which allows the
decision maker to specify his acts in the form of" controls"(partial contingency plans) and to
simultaneously choose goals and controls in end-mean pairs. It was shown that the ...
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[CITATION] A Trade Coalition Game with Preferential Partner Selection."

L Tesfatsion - Economics Working paper, October, 1994
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[BOOK] Human Capital Investment and the Locally Rational Child

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PF Orazem… - 1993 - Citeseer
ABSTRACT In traditional studies of parent-child transfers, the distortion in educational
investment in poorer children is primarily attributed to the absence of a human capital loan
market and hence to the unequal access of children to educational opportunity. This paper ...
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[CITATION] Intermediation, bubbles, and Pareto efficiency in economies with production

M Pingle… - 1991 - Department of Economics, Iowa …
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[PDF] Walrasian equilibrium: A critique

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L Tesfatsion - 2003 - econ.iastate.edu
A1: There is a fixed finite number of distinct consumption good and capital good types. Each
good is private in the sense that it is both excludable and rival, where excludable means that
people can be excluded from consuming the good and rival means that one person's ...
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[CITATION] Introduction to the Journal of Economic Dynamics and Control Special Issue on ACE

L Tesfatsion - Journal of Economic Dynamics and Control Special …, 2001
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Pure Strategy Nash Equilibrium Points and the Lefschetz Fixed Point Theorem

L Tesfatsion - 1975 - purl.umn.edu
Abstract: A pure strategy Nash equilibrium point existence theorem is established for a class
of n-person games with possibly nonacyclic (eg, disconnected) strategy spaces. The
principal tool used in the proof is a Lefschetz fixed point theorem for multivalued maps ...
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Macro implications of government redistributive tax-transfer policies

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L Tesfatsion - Journal of Public Economics, 1982 - Elsevier
Abstract How do macro variables such as aggregate consumption, aggregate money
demand, prices, and interest rates vary in response to government attempts to redistribute
income across agents through selective tax-transfer policies? This question is investigated ...
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[PDF] An Agent-Based Computational Laboratory for Testing the Economic Reliability of Wholesale Power Market Designs

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J Sun… - 2005 - econ.iastate.edu
Abstract—In April 2003 the US Federal Energy Regulatory Commission proposed the
Wholesale Power Market Platform (WPMP) for adoption by all US wholesale power markets.
The WPMP market design envisions day-ahead, real-time, and ancillary service markets ...
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A Multicriteria Approach to Dynamic Estimation

RE Kalaba… - Staff General Research Papers, 1993 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to view
it first. Information about this may be contained in the File-Format links below. In case of further
problems read the IDEAS help page. Note that these files are not on the IDEAS site. ...
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[PDF] Non-Walrasian Equilibrium: Illustrative Examples

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L Tesfatsion - 2003 - econ.iastate.edu
1. Introduction In previous lectures it was seen that market clearing constitutes an essential
part of the definition of a Walrasian equilibrium. In particular, assuming a positive wage rate,
the demand for labor must equal the supply of labor in any Walrasian equilibrium. But ...
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[BOOK] Pure strategy Nash bargaining solutions

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L Tesfatsion - 1975 - conservancy.umn.edu
ABSTRACT A broad class of 2-person threat games for which a unique pure strategy Nash
bargaining solution exists is characterized in terms of three, simple, empirically meaningful
restrictions on the joint objective function: compact domain, continuity, and" corner ...
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[PDF] Walras' Law in Overlapping Generations Economies

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M Pingle… - University of Nevada, Reno, 1997 - Citeseer
ABSTRACT It is widely known that Walras' Law can fail for an overlapping generations
economy. Here, we demonstrate that:(1) when this failure occurs, it represents an economic
opportunity that can be exploited by the issuance of unsecured debt by private agents; ...
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Welfare implications of net social security wealth

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L Tesfatsion - Journal of Public Economics, 1984 - Elsevier
Abstract Real net social wealth (NSSW), the real present value of social security benefits
received minus social security taxes paid, is frequently used as a direct proxy measure for
the impact of a social security system on generation welfare. The present paper ...
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[PDF] Concentration and market power in a dynamic production economy: An agent-based computational study

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A Somani… - 2005 - public.iastate.edu
The purpose of this study is to examine the extent to which commonly used market
concentration measures based on initial structural conditions are capable of predicting
market power outcomes over time. The context of the study is a computational dynamic ...
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[CITATION] Co-learning patterns as weakly emergent phenomena in wholesale electric power markets

H Li… - Iowa State University, Tech. Rep, 2010
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Concentration, capacity and market power in an evolutionary labor market

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L Tesfatsion - … Computation, 2000. Proceedings of the 2000 …, 2000 - ieeexplore.ieee.org
Abstract This paper reports on an experimental study of the relationship between job
capacity, job concentration, and market power in the context of an agent-based
computational model of a labor market. Job capacity is measured by the ratio of potential ...
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Unemployment Insurance and the Evolution of Worker-Employer\ n Cooperation: Experiments with Real and Artificial Agents

M Pingle… - Computing in Economics and Finance …, 2001 - ideas.repec.org
This paper reports the results of human subject and computational experiments designed to
examine how the level of the" inactivity payments" to workers and to employers affects the
evolution of cooperation among workers and employers. The related impacts to ...
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Agent-based Modeling and Institutional Design

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L Tesfatsion - Eastern Economic Journal, 2011 - palgrave-journals.com
Abstract The recent economic crisis has led to calls for a comprehensive restructuring of
energy, financial, health care, and educational systems. Critics worry that the restructuring of
these complex institutional arrangements could produce adverse unintended ...
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Financial Bilateral Contract Negotiation in Wholesale Electric Power Markets Using Nash Bargaining Theory

N Yu, L Tesfatsion… - Staff General Research Papers, 2010 - ideas.repec.org
Bilateral contracts are important risk-hedging instruments constituting a major component in
the portfolios held by many electric power market participants. However, bilateral contract
negotiation is a complicated process because it involves risk management, strategic ...
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[PDF] Economic Report No. 50 Original: October 1999 Revised: March 2001

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L Tesfatsion - econ.iastate.edu
Abstract: This study undertakes a systematic experimental investigation of hysteresis (path
dependency) in an agent-based computational labor market framework. It is shown that
capacity asymmetries between work suppliers and employers can result in two distinct ...
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[CITATION] ..., Growing artificial societies: Washington, DC[ua], Brookings Institutions[ua], 1996

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L Tesfatsion - Journal of economic literature, 1998

[PDF] Market Power E ects in Evolutionary Labor Markets with Adaptive Search1

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L Tesfatsion - 1999 - Citeseer
Abstract: Real-world labor markets are characterized by highly heterogeneous outcomes
relative to observable heterogeneity in worker and employer attributes. Microfoundation
explorations of the possible sources of this outcome heterogeneity are di cult due to ...
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[CITATION] Teaching Agent-Based Computational Economics to Graduate Students ISU Economic Report 45

L Tesfatsion - Iowa State University, 1998
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[PDF] Modeling of Suppliers' Learning Behaviors in a Market Environment

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N Yu, CC Liu… - preview.pserc.wisc.edu
Abstract: An important objective of electricity suppliers is to maximize their profits over a
planning horizon and comply with the market rules. This objective requires suppliers to learn
from their bidding experience and behave in an anticipatory way. With volatile Locational ...
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[HTML] Notes on Network Effects: Agent-Based Computational Economics

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SM By… - econ.iastate.edu
Andy Clark, Chapter 6: "Emergence and Explanation," pages 103-128 in Andy Clark, Being
There: Putting Brain, Body, and World Together Again, MIT Press, Cambridge, MA, 1998. ...
P. Erdös and A. Rényi, "On the Evolution of Random Graphs," Publications of the ...
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[BOOK] Further Remarks on Walras' Law and Nonoptimal Equilibria

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M Pingle… - 1993 - Citeseer
ABSTRACT The objective of this note is to show that the positively valued excess supplies
which Aiyagari (1992) connects with Pareto inefficiency for overlapping generations
economies represent an economic opportunity that can potentially be exploited by ...
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[PDF] Effects of Price-Responsive Residential Demand on Retail and Wholesale Power Market Operations

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AG Thomas, C Cai, DC Aliprantis… - econ.iastate.edu
Abstract—This paper describes a computational platform for studying the effects of price-
responsive residential demand for air-conditioning (A/C) on integrated retail and wholesale
power market operations. The physical operations of the A/C system are represented by ...
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How Economists Can Get Alife: Abbreviated Version

L Tesfatsion - Computational Economics, 1995 - ideas.repec.org
Artificial life (alife) is the bottom-up study of basic phenomena commonly associated with
living agents, such as self-replication, evolution, adaptation, self-organization, exploitation,
competition, cooperation, and social network formation. Alife complements the traditional ...
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Agent-Based Models of Organizations Handbook of Computational Economics II: Agent-Based Computational Economics

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KL Judd, L Tesfatsion… - Critique, 2005 - mendeley.com
Abstract The agent-based approach views an organization as a collection of agents,
interacting with one another in their pursuit of assigned tasks. The performance of an
organization in this framework is determined by the formal and informal structures of ...
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[PDF] Notes on Market Power and the Day/Bunn Paper

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L Tesfatsion - 1999 - Citeseer
Market power refers to the ability of sellers or buyers to exert a perceptible control over
market outcomes that enables them to attain higher individual welfare levels than they would
achieve under competitive market conditions. In traditional microeconomic analysis, ...
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Market Power Effects on Worker-Employer Network Formation in Evolutionary Labor Markets with Adaptive Search

L Tesfatsion - Computing in Economics and Finance 1999, 1999 - ideas.repec.org
This study reports on market power experiments for an agent-based computational model of
a labor market. Workers and employers repeatedly choose and refuse worksite partners on
the basis of continually updated expected returns, engage in worksite interactions ...
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Financial Bilateral Contract Negotiation in Wholesale Electricity Markets Using Nash Bargaining Theory

[PDF] from iastate.edu
N Yu, L Tesfatsion… - Power Systems, IEEE …, 2012 - ieeexplore.ieee.org
Abstract Bilateral contracts are important risk-hedging instruments constituting a major
component in the portfolios held by many electric power market participants. However,
bilateral contract negotiation is a complicated process as it involves risk management, ...
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[CITATION] Concentration, Capacity, and Market Power in an Evolutionary Labor Market, Evolution at Work for the New Millenium

LS Tesfatsion - en.scientificcommons.org
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[PDF] WALRASIAN GENERAL EQUILIBRIUM: BENCHMARK OF COORDINATION SUCCESS?

[PDF] from iastate.edu
L Tesfatsion - econ.iastate.edu
As detailed in an earlier packet reading, the Walrasian general equilibrium (WGE) model
represents a precisely formulated set of conditions under which feasible allocations of goods
and services can be supported by price systems in decentralized market economies ...
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in an Evolutionary Labor Market with Adaptive Search

L Tesfatsion - Iowa State University, 1999 - Citeseer
Abstract: This study undertakes a systematic experimental investigation of hysteresis (path
dependency) in an agent-based computational labor market framework. It is shown that
capacity asymmetries between work suppliers and employers can result in two distinct ...
Cached - All 3 versions

[PDF] The AMES wholesale power market test bed as a stochastic dynamic state-space game

[PDF] from iastate.edu
L Tesfatsion - 2008 - econ2.econ.iastate.edu
Abstract: The AMES Wholesale Power Market Test Bed is an agent-based computational
laboratory designed for the systematic experimental study of restructured wholesale power
markets. These notes show how AMES can be recast in more standard state-space ...
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