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Chapter
Market Power and the Hayek Hypothesis: An Experimental Investigation
The inconsistency in the literature regarding price behavior in markets with market power suggested that traders are heterogeneous in their ability to discover and exercise their influences on market price. To...
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Article
A Comparison of Electricity-Pricing Programs: Economic Efficiency, Cost Recovery, and Income Distribution
This article empirically compares four electricity-pricing programs—increasing-block pricing (IBP); floating increasing-block pricing (FIBP); free market pricing (FMP); and a price-cum-trade incentive system (...
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Chapter and Conference Paper
Co** with Bounded Rationality, Uncertainty, and Scarcity in Product Development Decisions: Experimental Research
Using a serious game for experimental economic research, we obtain insights in how human subjects cope with market and technological uncertainty and their bounded rationality in solving product development cha...
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Article
Agent-Based Modeling of a Non-tâtonnement Process for the Scarf Economy: The Role of Learning
In this paper, we propose a meta-learning model to hierarchically integrate individual learning and social learning schemes. This meta-learning model is incorporated into an agent-based model to show that Herb...
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Chapter and Conference Paper
Heterogeneity, Price Discovery and Inequality in an Agent-Based Scarf Economy
In this chapter, we develop an agent-based Scarf economy with heterogeneous agents, who have private prices and adaptively learn from their own experiences and those of others through a meta-learning model. We...
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Article
Transitional student admission mechanism from tracking to mixing: an agent-based policy analysis
This paper investigates the admission effects of the Taipei mechanism (TM), a new school admission mechanism implemented in the Taipei Senior School District intended to move the admission system from tracking...
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Article
Residential water demand and water waste in Taiwan
Residential water demand has long been an important topic of empirical research. How to estimate water waste, however, has rarely been touched. Using the stochastic frontier approach, this article jointly esti...
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Chapter and Conference Paper
Size Effects in Agent-Based Macroeconomic Models: An Initial Investigation
We investigate the scale-free property of an agent-based macroeconomic model initially proposed by Wright (Physica A, 346:589–620, 2005), called the Social Architecture (SA) model. The SA model has been shown ...
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Chapter and Conference Paper
Trust, Growth, and Inequality: An Agent-Based Model
An agent-based model of the investment game is proposed to study the complex dynamics between trust, growth, and inequality with different underlying technologies. It is found that agents in this economy, thro...
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Chapter and Conference Paper
Spatial Modeling of Agent-Based Prediction Markets: Role of Individuals
In this paper, we extend the spatial agent-based prediction market proposed by Yu and Chen at MABS 2011 into a spatial model in which agents choose their community (neighbors) by following Schelling’s proximit...
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Article
Residential Water Use: Efficiency, Affordability, and Price Elasticity
In practice, water pricing is the main economic instrument used to discourage the wasteful use of residential water. Owing to considerations of affordability, residential water is systematically underpriced be...
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Chapter and Conference Paper
Social Interactions and Innovation: Simulation Based on an Agent-Based Modular Economy
Using an agent-based modular economic model, we study the effect of social interactions on product innovation and its further impact on competitiveness dynamics. Two firms with different intensities of social ...
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Chapter
Income Distribution and Lottery Expenditures in Taiwan: An Analysis Based on Agent-Based Simulation
We investigate the impact of income distribution on lottery expenditures in Taiwan, using an agent-based model developed in [2, 3]. The agents in the model are potential lottery buyers, whose characteristics a...
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Chapter and Conference Paper
Modularity, Product Innovation, and Consumer Satisfaction: An Agent-Based Approach
The importance of modularity in product innovation is analyzed in this paper. Through simulations with an agent-based modular economic model, we examine the significance of the use of a modular structure in ne...
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Chapter and Conference Paper
A Functional Modularity Approach to Agent-based Modeling of the Evolution of Technology
No matter how commonly the term innovation has been used in economics, a concrete analytical or computational model of innovation is not yet available. This paper argues that a breakthrough can be made with genet...
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Chapter
Individual Rationality as a Partial Impediment to Market Efficiency
In this chapter we conduct two experiments within an agent-based double auction market. These two experiments allow us to see the effect of learning and smartness on price dynamics and allocative efficiency. O...
