The Walrasian general equilibrium model is the centrepiece of modern economic theory, but
progress in understanding its dynamical properties has been meagre. This article shows that …

This book aims to answer two questions that are fundamental to the study of agent-based
economic models: what is agent-based computational economics and why do we need …

An evolutionary point of view is the best way to understand the economy and its
development. This is the central dogma of evolutionary economics. In this chapter on the …

Experimental macroeconomics is a subfield of experimental economics that makes use of
controlled laboratory methods to understand aggregate economic phenomena and to test …

Price dynamics are studied in a dataset of more than 11,000 transactions from large-scale
financial markets experiments with multiple risky securities. The aim is to determine whether …

We study the design of mechanisms that implement Lindahl or Walrasian allocations and
whose Nash equilibria are dynamically stable for a wide class of adaptive dynamics. We …

Experiments were conducted on an asset with the structure of an option. The information of
any individual is limited, as if only the direction of movement of the option value known for a …

General Equilibrium Theory studies the properties and operation of free market economies.
The field is a response to a series of questions originally outlined by Leon Walras about the …

We examine whether economies constructed using experimentally measured preferences
(for risk) tend to suffer from aggregation pathologies (like nonexistence and multiplicity of …

Abstract We study David Gale's (1963) economy using laboratory markets. Tatonnement
theory predicts prices will diverge from an equitable interior equilibrium toward infinity or …