Subjective biases and errors systematically affect market equilibria, whether at the population level or in bilateral trading. Here, we consider the possibility that an agent engaged in bilateral trading is mistaken about her own valuation of the good she expects to trade, that has not been explicitly incorporated into the existing bilateral trade literature. Although it may sound paradoxical that a subjective private valuation is something an agent can be mistaken about, as it is up to her to fix it, we consider the case in which that agent, seller or buyer, consciously or not, given the structure of a market, a type of good, and a temporary lack of information, may arrive at an erroneous valuation. The typical context through which this possibility may arise is in relation with so-called experience goods, which are sold while all their intrinsic qualities are still unknown (such as untasted bottled fine wines). We model this “private misvaluation” phenomenon in our study. The agents may also be mistaken about how their exchange counterparties are themselves mistaken. Formally, they attribute a certain margin of error to the other agent, which can differ from the actual way that another agent misvalues the good under consideration. This can constitute the source of a second-order misvaluation. We model different attitudes and situations in which agents face unexpected signals from their counterparties and the manner and extent to which they revise their initial beliefs. We analyse and simulate numerically the consequences of first-order and second-order misvaluation on market equilibria.

Decision-makers often have to act before critical times to avoid the collapse of ecosystems using knowledge \textcolor{red}{that can be incomplete or biased}. Adaptive management may help managers tackle such issues. However, because the knowledge infrastructure required for adaptive management may be mobilized in several ways, we study the quality and the quantity of knowledge provided by this knowledge infrastructure. In order to analyze the influence of mobilized knowledge, we study how the following typology of knowledge and its use may impact the safe operating space of exploited ecosystems: 1) knowledge of the past based on a time series distorted by measurement errors; 2) knowledge of the current systems’ dynamics based on the representativeness of the decision-makers’ mental models of the exploited ecosystem; 3) knowledge of future events based on decision-makers’ likelihood estimates of extreme events based on modeling infrastructure (models and experts to interpret them) they have at their disposal. We consider different adaptive management strategies of a general regulated exploited ecosystem model and we characterize the robustness of these strategies to biased knowledge. Our results show that even with significant mobilized knowledge and optimal strategies, imperfect knowledge may still shrink the safe operating space of the system leading to the collapse of the system. However, and perhaps more interestingly, we also show that in some cases imperfect knowledge may unexpectedly increase the safe operating space by suggesting cautious strategies.
The code enables to calculate the safe operating spaces of different managers in the case of biased and unbiased knowledge.

PSoup is an educational program in which evolution is demonstrated, on the desk-top, as you watch. Blind bugs evolve sophisticated heuristic search algorithms to be the best at finding food fast.

Must tax-benefit policy making be limited to the ‘experts’?

the model can be used to describe the product diffusion in an Advance Selling Strategy. this model takes into account the consumers product adoption, and describe consumer’s online behavior based on four states.

Many archaeological assemblages from the Iberian Peninsula dated to the Last Glacial Maximum contain large quantities of European rabbit (Oryctolagus cuniculus) remains with an anthropic origin. Ethnographic and historic studies report that rabbits may be mass-collected through warren-based harvesting involving the collaborative participation of several persons.

We propose and implement an Agent-Based Model grounded in the Optimal Foraging Theory and the Diet Breadth Model to examine how different warren-based hunting strategies influence the resulting human diets.

Particularly, this model is developed to test the following hypothesis: What if an age and/or gender-based division of labor was adopted, in which adult men focus on large prey hunting, and women, elders and children exploit warrens?

…

Many archaeological assemblages from the Iberian Peninsula dated to the Last Glacial Maximum contain large quantities of European rabbit (Oryctolagus cuniculus) remains with an anthropic origin. Ethnographic and historic studies report that rabbits may be mass-collected through warren-based harvesting involving the collaborative participation of several persons.

We propose and implement an Agent-Based Model grounded in the Optimal Foraging Theory and the Diet Breadth Model to examine how different warren-based hunting strategies influence the resulting human diets.

…

Using chains of replicas of Atwood’s Machine, this model explores implications of the Maximum Power Principle. It is one of a series of models exploring the dynamics of sustainable economics – PSoup, ModEco, EiLab, OamLab, MppLab, TpLab, EiLab.

Using webs of replicas of Atwood’s Machine, we explore implications of the Maximum Power Principle. This is one of a series of models exploring the dynamics of sustainable economics – PSoup, ModEco, EiLab, OamLab, MppLab, TpLab, CmLab.

In CmLab we explore the implications of the phenomenon of Conservation of Money in a modern economy. This is one of a series of models exploring the dynamics of sustainable economics – PSoup, ModEco, EiLab, OamLab, MppLab, TpLab, CmLab.