Journal of Economic Interaction and Coordination最新文献

{"title":"The effect of time-varying fundamentals in learning-to-forecast experiments","authors":"Simone Alfarano, Eva Camacho-Cuena, Annarita Colasante, Alba Ruiz-Buforn","doi":"10.1007/s11403-023-00397-6","DOIUrl":"https://doi.org/10.1007/s11403-023-00397-6","url":null,"abstract":"<p>Inspired by macroeconomic scenarios, we aim to experimentally investigate the evolution of short- and long-run expectations under different specifications of the fundamentals. We collect individual predictions for future prices in a series of Learning to Forecast Experiments with a time-varying fundamental value. In particular, we observe how expectations evolve in markets where the fundamental value follows either a V-shaped or an inverse V-shaped pattern. These conditions are compared with markets characterized by a constant and a slightly linear increasing fundamental value. We assess whether minor but systematic variations in the fundamentals affect individual short- and long-run expectations by considering positive and negative feedback-expectation systems. Compared to a setting with constant fundamentals, the slowly varying fundamentals have a limited impact on how subjects form their expectations in positive feedback markets, whereas in negative feedback markets we observe notable changes.</p>","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138520568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sustainability, resilience and innovation in industrial electronics: a case study of internal, supply chain and external complexity","authors":"Flavia Cicerelli, Chiara Ravetti","doi":"10.1007/s11403-023-00396-7","DOIUrl":"https://doi.org/10.1007/s11403-023-00396-7","url":null,"abstract":"Abstract The electrical and electronic equipment industry is key to climate and energy transitions, but its activities have a significant environmental footprint. Tangible improvements in the sustainability of this sector are difficult because of the layers of complexity that characterize this industry’s products, processes and supply chains. This article analyzes the different facets of complexity relevant to sustainability in the industrial electronics sector, by implementing an in-depth longitudinal case study of a leading Italian business-to-business multinational company. We identify three core dimensions of complexity management that are pivotal for corporate sustainability: internal complexity , supply chain complexity and external complexity . We find that handling sustainability in complex production systems with multitier and multiproduct value chains presents organizational and managerial challenges but also offers new competitive opportunities for resilience and innovation. Once the appropriate metrics, know-how and information flows are established, our results highlight the transferability of sustainable innovations in these complex environments.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135391022","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Communication, networks and asset price dynamics: a survey","authors":"Michael Hatcher, Tim Hellmann","doi":"10.1007/s11403-023-00395-8","DOIUrl":"https://doi.org/10.1007/s11403-023-00395-8","url":null,"abstract":"Abstract In this paper, we provide a wide-ranging survey of the state of the art in the area of communication and asset price dynamics. We start out by documenting empirical evidence that social communication influences investment decisions and asset prices, before turning to the main modelling approaches in the literature (both past and present). We discuss models of belief-updating based on observed performance; models of herd behaviour; and models with social interactions that arise from preferences for conformity or contrarianism. Our main contribution is to introduce readers to a social network approach which has been widely used in the opinion dynamics literature, but only recently applied to asset pricing. In the final part, we show how recent contributions to both modelling and empirical work are using the social network approach to improve our understanding of financial markets and asset price dynamics. We conclude with some thoughts on fruitful avenues for future research.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135882923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Key players in network-oriented interventions","authors":"Ata Atay, A. Mauleon, Simon Schopohl, Vincent Vannetelbosch","doi":"10.1007/s11403-023-00394-9","DOIUrl":"https://doi.org/10.1007/s11403-023-00394-9","url":null,"abstract":"","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44039714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Multiplicity and not necessarily heterogeneity: implications for the long-run degree of capacity utilization","authors":"L. Di Domenico","doi":"10.1007/s11403-023-00390-z","DOIUrl":"https://doi.org/10.1007/s11403-023-00390-z","url":null,"abstract":"","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49649835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Linking FDI and trade network topology with the COVID-19 pandemic","authors":"R. Antonietti, G. De Masi, G. Ricchiuti","doi":"10.1007/s11403-023-00393-w","DOIUrl":"https://doi.org/10.1007/s11403-023-00393-w","url":null,"abstract":"","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2023-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46149451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Home sweet home, how money laundering pollutes the real estate market: an agent based model","authors":"Raffaella Barone","doi":"10.1007/s11403-023-00391-y","DOIUrl":"https://doi.org/10.1007/s11403-023-00391-y","url":null,"abstract":"<p>The aim of the paper is to analyse the role of the real estate market as a dirty money laundering channel for organized crime in Italy. We contribute to the economic literature on house price determinants, providing for the first time an agent-based model to evaluate the impact of money laundering on the amount and the prices of transactions in the Italian residential real estate market. To this purpose, we collected and processed data from the Real Estate Market Observatory of the Italian Revenue Agency, the Italian National Statistical Institute and the European Central Bank for the period 2006–2020. Then, we enriched the data set including for each province if it is a tourist destination, a university site and the corresponding crime rate. Using AgentPy, we built the model that consists of one agent—that can be a buyer (honest or criminal) and a seller—, banks, the real estate properties, and the environment. Buyers and sellers interact randomly according to the Italian market real estate purchase frequencies. We show a reverse relationship between the crime rate index and the percentage of criminal transaction out of the total. Moreover, the average price is higher for criminal transactions with a growing trend as the number of criminals increases.\u0000</p>","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2023-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138520567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Knowledge diffusion in social networks under targeted attack and random failure: the resilience of communities","authors":"P. Morone, Rocco Caferra, A. Lopolito","doi":"10.1007/s11403-023-00392-x","DOIUrl":"https://doi.org/10.1007/s11403-023-00392-x","url":null,"abstract":"","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46916705","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Parameterised response zero intelligence traders","authors":"Dave Cliff","doi":"10.1007/s11403-023-00388-7","DOIUrl":"https://doi.org/10.1007/s11403-023-00388-7","url":null,"abstract":"Abstract I introduce parameterised response zero intelligence (PRZI), a new form of zero intelligence (ZI) trader intended for use in simulation studies of the dynamics of continuous double auction markets. Like Gode and Sunder’s classic ZIC trader, PRZI generates quote prices from a random distribution over some specified domain of discretely valued allowable quote prices. Unlike ZIC, which uses a uniform distribution to generate prices, the probability distribution in a PRZI trader is parameterised in such a way that its probability mass function (PMF) is determined by a real-valued control variable s in the range $$[-1.0, +1.0]$$ <mml:math xmlns:mml=\"http://www.w3.org/1998/Math/MathML\"> <mml:mrow> <mml:mo>[</mml:mo> <mml:mo>-</mml:mo> <mml:mn>1.0</mml:mn> <mml:mo>,</mml:mo> <mml:mo>+</mml:mo> <mml:mn>1.0</mml:mn> <mml:mo>]</mml:mo> </mml:mrow> </mml:math> that determines the strategy for that trader. When $$s=0$$ <mml:math xmlns:mml=\"http://www.w3.org/1998/Math/MathML\"> <mml:mrow> <mml:mi>s</mml:mi> <mml:mo>=</mml:mo> <mml:mn>0</mml:mn> </mml:mrow> </mml:math> , a PRZI trader behaves identically to the ZIC strategy, with a uniform PMF; but when $$s approx pm 1$$ <mml:math xmlns:mml=\"http://www.w3.org/1998/Math/MathML\"> <mml:mrow> <mml:mi>s</mml:mi> <mml:mo>≈</mml:mo> <mml:mo>±</mml:mo> <mml:mn>1</mml:mn> </mml:mrow> </mml:math> the PRZI trader’s PMF becomes maximally skewed to one extreme or the other of the price range, thereby making it more or less “urgent” in the prices that it generates, biasing the quote price distribution towards or away from the trader’s limit price. To explore the co-evolutionary dynamics of populations of PRZI traders that dynamically adapt their strategies, I show initial results from long-term market experiments in which each trader uses a simple stochastic hill-climber algorithm to repeatedly evaluate alternative s -values and choose the most profitable at any given time. In these experiments the profitability of any particular s -value may be non-stationary because the profitability of one trader’s strategy at any one time can depend on the mix of strategies being played by the other traders at that time, which are each themselves continuously adapting. Results from these market experiments demonstrate that the population of traders’ strategies can exhibit rich dynamics, with periods of stability lasting over hundreds of thousands of trader interactions interspersed by occasional periods of change. Python source code for PRZI traders, and for the stochastic hill-climber, have been made publicly available on GitHub.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135478841","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A comparison of zero- and minimal-intelligence agendas in majority-rule voting models","authors":"Paula J. Brewer, Jeremy Juybari, Raymond Moberly","doi":"10.1007/s11403-023-00387-8","DOIUrl":"https://doi.org/10.1007/s11403-023-00387-8","url":null,"abstract":"","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42583013","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}