This work nests the Agent-Based macroeconomic perspective into the earlier history of
macroeconomics. We discuss how the discipline in the 70's took a perverse path relying on …

Since the survey by Windrum et al.(Journal of Artificial Societies and Social Simulation 10: 8,
2007), research on empirical validation of agent-based models in economics has made …

This paper reviews the recent development and new findings of the literature on learning-to-
forecast experiments (LtFEs). In general, the stylized finding in the typical LtFEs, namely the …

This paper is a survey of the burgeoning literature that seeks to take the enigmatic concept
of the animal spirits more seriously by building heterodox macro‐dynamic models that can …

We examine how exchange traded funds (ETFs) affect asset pricing, and turnover in a
laboratory asset market. We focus on behavior in secondary markets with or without ETF …

We propose a simple agent-based computational model in which speculators' trading
behavior may cause bubbles and crashes, excess volatility, serially uncorrelated returns, fat …

This paper addresses the issue of empirical validation of macroeconomic models with
behavioral heuristics and a nonlinear switching mechanism. Heuristic switching is an …

We present a laboratory experiment designed to investigate the effect of the fee structure on
mutual fund choice. We find that subjects tend to ignore periodic and small operating …

We investigate how individuals use measures of apparent predictability from price charts to
predict future market prices. Subjects in our experiment predict both random walk times …

We present results from the first laboratory experiment on the seminal heuristic switching
model introduced by Brock and Hommes (1997, 1998). Subjects choose between two …