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Article
Open AccessGeneralized theory for measuring efficiency of individuals and groups
We present a cohesive generalized framework for an aggregation of the Nerlovian profit indicators and of the directional distance functions, frequently used in productivity and efficiency analysis in operation...
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Article
Open AccessHow common is the common-ratio effect?
The common-ratio effect and the Allais Paradox (common-consequence effect) are the two best‐known violations of Expected Utility Theory. We reexamine data from 39 articles reporting experiments (143 designs/pa...
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Article
Open AccessEfficiency of continuous double auctions under individual evolutionary learning with full or limited information
In this paper we explore how specific aspects of market transparency and agents’ behavior affect the efficiency of the market outcome. In particular, we are interested whether learning behavior with and withou...
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Article
Open AccessE&F Chaos: A User Friendly Software Package for Nonlinear Economic Dynamics
The use of nonlinear dynamic models in economics and finance has expanded rapidly in the last two decades. Numerical simulation is crucial in the investigation of nonlinear systems. E&F Chaos is an easy-to-use an...
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Heterogeneous Beliefs Under Different Market Architectures
The paper analyzes the dynamics in a model with heterogeneous agents trading in simple markets under different trading protocols. Starting with the analytically tractable model of [4], we build a simulation pl...