We consider a general framework of optimal contract design under the heterogeneity and short-termism of agents.Our research shows that the optimal contract must weigh the agent's information rent,incentive cost,an...We consider a general framework of optimal contract design under the heterogeneity and short-termism of agents.Our research shows that the optimal contract must weigh the agent's information rent,incentive cost,and benefit to overcome the contract's adverse selection and moral hazards.Agents with higher moral levels were more likely to choose higher effort and lower manipulation.Simultaneously,the principal offers lower incentives and receives more significant payoff.We also extend our model to investigate the benefits of Bayesian learning.Furthermore,we compare the principal's returns in general and learning models and find that the learning contract can bring more profit to the principal。展开更多
Considering the gent-based modeling and mapping in m anufacturing system, in this paper, some system models are described, which are including: Domain Based Hierarchical Structure (DBHS), Cascading Agent Struc ture (C...Considering the gent-based modeling and mapping in m anufacturing system, in this paper, some system models are described, which are including: Domain Based Hierarchical Structure (DBHS), Cascading Agent Struc ture (CAS), Proximity Relation structure (PRS), and Bus-based network structure (BNS). In DBHS, one sort of agent individually delegates Domain Agents, Res ources Agents, UserInterface Agents and Gateway Agents and the other one is a br oker of tasks and process flow. Static agents representing a subsystem may itsel f be an agent network and should learn as the mobile agents to deal with new sit uation. Mobile agents move around the network domains taking advantage of th e resources to fulfill their goals. In CAS, we use Unified Modelling Language (U ML) to build up the agent-based manufacturing system It is said Enterprise agen t (main agent) has factory agents together with some directly jurisdictional wor kshop agents, cell agents, and individual resource agents. Likewise, factory age nt has workshop agents together with some directly jurisdictional cell agents an d individual resource agents, and so on. In PRS, the resources agents are locate d together by it function and abilities. There is only one agent acts as the tas k-announcer. The communication just occurs among the Proximity Relational agent s. In BNS, It is very similar with the society of human being connected with a n etwork, some agents, such as ’cost calculating’, are just cope with the matter- of-fact job. And some agents run as the individual resources which can negotiat e with each other and advertise a necessary message within the whole domain or g iven group of agents. The administration just relies on the individual addre ss of agents and the group ID code of agents.展开更多
Active government intervention is a striking characteristic of the Chinese stock market.This study develops a behavioral heterogeneous agent model(HAM)comprising fundamentalists,chartists,and stabilizers to investigat...Active government intervention is a striking characteristic of the Chinese stock market.This study develops a behavioral heterogeneous agent model(HAM)comprising fundamentalists,chartists,and stabilizers to investigate investors’dynamic switching mechanisms under government intervention.The model introduces a new player,the stabilizer,into the HAM as a proxy for the government.We use the model to examine government programs during the 2015 China stock market crash and find that it can replicate the dynamics of investor sentiment and asset prices.In addition,our analysis of two simulations,specifically the data-generating processes and shock response analysis,further corroborates the key conclusion that our intervention model not only maintains market stability but also promotes the return of risk asset prices to their fun-damental values.The study concludes that government interventions guided by the new HAM can alleviate the dilemma between reducing price volatility and improving price efficiency in future intervention programs.展开更多
A continuous⁃time distributed optimization was researched for second⁃order heterogeneous multi⁃agent systems.The aim of this study is to keep the velocities of all agents the same and make the velocities converge to t...A continuous⁃time distributed optimization was researched for second⁃order heterogeneous multi⁃agent systems.The aim of this study is to keep the velocities of all agents the same and make the velocities converge to the optimal value to minimize the sum of local cost functions.First,an effective distributed controller which only uses local information was designed.Then,the stability and optimization of the systems were verified.Finally,a simulation case was used to illustrate the analytical results.展开更多
Tradable green certificate(TGC)scheme promotes the development of renewable energy industry which currently has a dual effect on economy and environment.TGC market efficiency is reflected in stimulating renewable ener...Tradable green certificate(TGC)scheme promotes the development of renewable energy industry which currently has a dual effect on economy and environment.TGC market efficiency is reflected in stimulating renewable energy investment,but may be reduced by the herding behavior of market players.This paper proposes and simulates an artificial TGC market model which contains heterogeneous agents,communication structure,and regulatory rules to explore the characteristics of herding behavior and its effects on market efficiency.The results show that the evolution of herding behavior reduces information asymmetry and improves market efficiency,especially when the borrowing is allowed.In addition,the fundamental strategy is diffused by herding evolution,but TGC market efficiency may be remarkably reduced by herding with borrowing mechanism.Moreover,the herding behavior may evolve to an equilibrium where the revenue of market players is comparable,thus the fairness in TGC market is improved.展开更多
This paper aims at understanding the price dynamics generated by the interaction of traders relying on heterogeneous expectations in an asset pricing model.In the present work the authors analyze a financial market po...This paper aims at understanding the price dynamics generated by the interaction of traders relying on heterogeneous expectations in an asset pricing model.In the present work the authors analyze a financial market populated by five types of boundedly rational speculators-two types of fundamentalists,two types of chartists and trend followers which submit buying/selling orders according to different trading rules.The authors formulate a stock market model represented as a 2 dimensional piecewise linear discontinuous map.The proposed contribution to the existing financial literature is two aspects.First,the authors perform study of the model involving a 2 dimensional piecewise linear discontinuous map through a combination of qualitative and quantitative methods.The authors focus on the existence conditions of chaos and the multi-stability regions in parameter plane.Related border collision bifurcation curves and basins of multi-attractors are also given.The authors find that chaos or quasi-period exists only in the case of fixed point being a saddle(regular or flip)and that the coexistence of multiple attractors may exist when the fixed point is an attractor,but it is common for spiral and flip fixed points.展开更多
This paper develops both adaptive distributed dynamic state feedback control law and adaptive distributed measurement output feedback control law for heterogeneous discrete-time swarm systems with multiple leaders.The...This paper develops both adaptive distributed dynamic state feedback control law and adaptive distributed measurement output feedback control law for heterogeneous discrete-time swarm systems with multiple leaders.The convex hull formed by the leaders and the system matrix of leaders is estimated via an adaptive distributed containment observer.Such estimations will feed the followers so that every follower can update the system matrix of the corresponding adaptive distributed containment observer and the system state of their neighbors.The followers cooperate with each other to achieve leader-follower consensus and thus solve the containment control problem over the network.Numerical results demonstrate the effectiveness and computational feasibility of the proposed control laws.展开更多
We study the impact of the COVID-19 pandemic shock on household consumption in China.Using household survey data,we find that the proportion of liquidity-constrained households increases quickly,but the constraint lev...We study the impact of the COVID-19 pandemic shock on household consumption in China.Using household survey data,we find that the proportion of liquidity-constrained households increases quickly,but the constraint levels vary across distinct groups.We build a heterogeneous agent life cycle incomplete market model to analyze the long-run and short-run effects of the pandemic shock.The quantitative results reveal a slow recovery of consumption due to three reasons:hiking unemployment rate,declining labor productivity,and worsening income stability.The hiking unemployment rate plays the key role in households,consumption reduction since it simultaneously leads to a negative income effect and upsurging precautionary saving motives.Our paper highlights the importance of maintaining a stable labor market for faster recovery.展开更多
基金supported by the National Natural Science Foundation of China(Grant numbers:71701164,71671142,and 72271249).
文摘We consider a general framework of optimal contract design under the heterogeneity and short-termism of agents.Our research shows that the optimal contract must weigh the agent's information rent,incentive cost,and benefit to overcome the contract's adverse selection and moral hazards.Agents with higher moral levels were more likely to choose higher effort and lower manipulation.Simultaneously,the principal offers lower incentives and receives more significant payoff.We also extend our model to investigate the benefits of Bayesian learning.Furthermore,we compare the principal's returns in general and learning models and find that the learning contract can bring more profit to the principal。
文摘Considering the gent-based modeling and mapping in m anufacturing system, in this paper, some system models are described, which are including: Domain Based Hierarchical Structure (DBHS), Cascading Agent Struc ture (CAS), Proximity Relation structure (PRS), and Bus-based network structure (BNS). In DBHS, one sort of agent individually delegates Domain Agents, Res ources Agents, UserInterface Agents and Gateway Agents and the other one is a br oker of tasks and process flow. Static agents representing a subsystem may itsel f be an agent network and should learn as the mobile agents to deal with new sit uation. Mobile agents move around the network domains taking advantage of th e resources to fulfill their goals. In CAS, we use Unified Modelling Language (U ML) to build up the agent-based manufacturing system It is said Enterprise agen t (main agent) has factory agents together with some directly jurisdictional wor kshop agents, cell agents, and individual resource agents. Likewise, factory age nt has workshop agents together with some directly jurisdictional cell agents an d individual resource agents, and so on. In PRS, the resources agents are locate d together by it function and abilities. There is only one agent acts as the tas k-announcer. The communication just occurs among the Proximity Relational agent s. In BNS, It is very similar with the society of human being connected with a n etwork, some agents, such as ’cost calculating’, are just cope with the matter- of-fact job. And some agents run as the individual resources which can negotiat e with each other and advertise a necessary message within the whole domain or g iven group of agents. The administration just relies on the individual addre ss of agents and the group ID code of agents.
基金the National Natural Science Foundation of China(Grant Nos.72261002,72201132,71790594)the Youth Foundation for Humanities and Social Sciences Research of the Ministry of Education(No.22YJC790190)+2 种基金the Guizhou Provincial Science and Technology Projects(No.[2019]5103)the Guizhou Key Laboratory of Big Data Statistical Analysis(No.BDSA20200105)the Open Project of Jiangsu Key Laboratory of Financial Engineering(NSK2021-18)。
文摘Active government intervention is a striking characteristic of the Chinese stock market.This study develops a behavioral heterogeneous agent model(HAM)comprising fundamentalists,chartists,and stabilizers to investigate investors’dynamic switching mechanisms under government intervention.The model introduces a new player,the stabilizer,into the HAM as a proxy for the government.We use the model to examine government programs during the 2015 China stock market crash and find that it can replicate the dynamics of investor sentiment and asset prices.In addition,our analysis of two simulations,specifically the data-generating processes and shock response analysis,further corroborates the key conclusion that our intervention model not only maintains market stability but also promotes the return of risk asset prices to their fun-damental values.The study concludes that government interventions guided by the new HAM can alleviate the dilemma between reducing price volatility and improving price efficiency in future intervention programs.
基金Sponsored by the National Natural Science Foundation of China(Grant Nos.61573199 and 61571441)。
文摘A continuous⁃time distributed optimization was researched for second⁃order heterogeneous multi⁃agent systems.The aim of this study is to keep the velocities of all agents the same and make the velocities converge to the optimal value to minimize the sum of local cost functions.First,an effective distributed controller which only uses local information was designed.Then,the stability and optimization of the systems were verified.Finally,a simulation case was used to illustrate the analytical results.
基金supported by the Beijing Municipal Social Science Foundation(No.16JDYJB031)the Fundamental Research Funds for the Central Universities(No.2020YJ008).
文摘Tradable green certificate(TGC)scheme promotes the development of renewable energy industry which currently has a dual effect on economy and environment.TGC market efficiency is reflected in stimulating renewable energy investment,but may be reduced by the herding behavior of market players.This paper proposes and simulates an artificial TGC market model which contains heterogeneous agents,communication structure,and regulatory rules to explore the characteristics of herding behavior and its effects on market efficiency.The results show that the evolution of herding behavior reduces information asymmetry and improves market efficiency,especially when the borrowing is allowed.In addition,the fundamental strategy is diffused by herding evolution,but TGC market efficiency may be remarkably reduced by herding with borrowing mechanism.Moreover,the herding behavior may evolve to an equilibrium where the revenue of market players is comparable,thus the fairness in TGC market is improved.
基金supported by the Fundamental Research Funds for the Central Universities,South-Central Minzu University under Grant No. CZT20006
文摘This paper aims at understanding the price dynamics generated by the interaction of traders relying on heterogeneous expectations in an asset pricing model.In the present work the authors analyze a financial market populated by five types of boundedly rational speculators-two types of fundamentalists,two types of chartists and trend followers which submit buying/selling orders according to different trading rules.The authors formulate a stock market model represented as a 2 dimensional piecewise linear discontinuous map.The proposed contribution to the existing financial literature is two aspects.First,the authors perform study of the model involving a 2 dimensional piecewise linear discontinuous map through a combination of qualitative and quantitative methods.The authors focus on the existence conditions of chaos and the multi-stability regions in parameter plane.Related border collision bifurcation curves and basins of multi-attractors are also given.The authors find that chaos or quasi-period exists only in the case of fixed point being a saddle(regular or flip)and that the coexistence of multiple attractors may exist when the fixed point is an attractor,but it is common for spiral and flip fixed points.
基金co-supported by the National Key R&D Program of China(No.2018YFB1600500)。
文摘This paper develops both adaptive distributed dynamic state feedback control law and adaptive distributed measurement output feedback control law for heterogeneous discrete-time swarm systems with multiple leaders.The convex hull formed by the leaders and the system matrix of leaders is estimated via an adaptive distributed containment observer.Such estimations will feed the followers so that every follower can update the system matrix of the corresponding adaptive distributed containment observer and the system state of their neighbors.The followers cooperate with each other to achieve leader-follower consensus and thus solve the containment control problem over the network.Numerical results demonstrate the effectiveness and computational feasibility of the proposed control laws.
基金the financial support from the National Natural Science Foundation of China(No.7180311&No.71874105)the financial support from the National Natural Science Foundation of China(71850002).
文摘We study the impact of the COVID-19 pandemic shock on household consumption in China.Using household survey data,we find that the proportion of liquidity-constrained households increases quickly,but the constraint levels vary across distinct groups.We build a heterogeneous agent life cycle incomplete market model to analyze the long-run and short-run effects of the pandemic shock.The quantitative results reveal a slow recovery of consumption due to three reasons:hiking unemployment rate,declining labor productivity,and worsening income stability.The hiking unemployment rate plays the key role in households,consumption reduction since it simultaneously leads to a negative income effect and upsurging precautionary saving motives.Our paper highlights the importance of maintaining a stable labor market for faster recovery.
