Research

Research Fields

Adoption of a New Payment Method: Theory and Experimental Evidence, (with J. Duffy and J.H. Jiang), manuscript, November 2019.

Social Learning and Monetary Policy at the Effective Lower Bound, (with A. Grimaud, I. Salle, and G. Vermandel), working paper, September 2019.

Efficiency Gains through Social Influence in a Minimum Effort Game?, (with H. Dawid, and M. Nanumyan),  manuscript, October 2019. 

High Frequency Trading in Limit Order Markets via Machine Learning, (with C. Chiarella, T. He, and L. Wei), manuscript, October 2019.

Cournot Meets Individual Evolutionary Learning, (with L. Diao and N. Hanaki), working paper, July 2019. 

Are Sunspots Effective in a Big Crowd? - Evidence from a Large-scale Bank Run Experiment, (with C. Hommes,  A. Peuker, and I. Salle), working paper, July 2019.

Are Sunspots Learnable? An Experimental Investigation in a Simple Macroeconomic Model, (with G. Evans and O. Kostyshyna), forthcoming in Journal of Economic Dynamics and Control.

Strategic Uncertainty and the Power of Extrinsic Signals – Evidence from an Experimental Study of Bank Runs, (with J.H. Jiang), forthcoming in Journal of Economic Behavior and Organization.

Learning to Believe in Simple Equilibria in a Complex OLG Economy - evidence from the lab*, (with C. Hommes and I. Salle),  forthcoming in Journal of Economic Theory.

Learning Correlated Equilibria: An Evolutionary Approach, (with J.F. Boitnott and J. Duffy), Journal of Economic Behavior and Organization, 157, 171-190, January 2019.

Learning the Ramsey Outcome in a Kydland & Prescott Economy, (with M. Yildizoglu), Journal of Economic Behavior and Organization, online, November 2018.

Homophily and Social Norms in Experimental Network Formation Games, (with G. Danese), Games, October 19 2018.

Learning to Alternate, (with J. Ledyard), Experimental Economics, 21, 692-721, September 2018.

Learning to Live in a Liquidity Trap, (with S. Schmitt-Grohe and M. Uribe), Journal of Economic Dynamics and Control, 89, 120-136, April 2018.

Stabilizing Expectations at the Zero Lower Bound: Experimental Evidence, (with L. Petersen), Journal of Economic Dynamics and Control, 82, 21-43, September 2017.

Evolution of Sunspot like Behavior in the Agent Based Economies of Bank Runs, forthcoming in the Journal of Evolutionary Economics,  June 2017.

The Coevolution of Beliefs and Networks, (with C. Eaton and G. Walker), Journal Economic Behavior and Organization, 120, 46-63, 2015.

Experimental Evidence on Bank Runs as Pure Coordination Failures, (with J.H. Jiang and Y. Xu), Journal of Economic Dynamics and Control, 37, 2446-2465, 2013.

Individual Evolutionary Learning, Other Regarding Preferences, and the Voluntary Contribution Mechanism, (with J. Ledyard), Journal of Public Economics, 96, 808-823, 2012.

Social Learning and Monetary Policy Rules, (with J. Bullard and O. Kostyshyna), Economic Journal, 123, 38-76, 2012.

Discrimination among Children: The Role of School and Neighbourhood Characteristics, (with J. Friesen, L. Giamo, A. Ludwig, and S. Wright), Journal of Economic Psychology, 33, 1156-1189, 2012.

Currency Crisis: Evolution of Beliefs, Real World Data and Policy Experiments, (with M. Maschek), Journal of Economic Behavior and Organization, 82, 131-150, 2012. 

Individual Evolutionary Learning with Many Agents (with J. Ledyard), Knowledge Engineering Review, 27, 239-254, 2012.

Efficiency of Continuous Double Auctions Under Individual Evolutionary Learning with Full and Limited Information, (with M. Anufriev, J. Ledyard, and V. Panchenko), Journal of Evolutionary Economics, 29, 539-573, 2011.

A Behavioral Model for Mechanism Design: Individual Evolutionary Learning, (with J. Ledyard), Journal of Economic Behavior and Organization, 78, 374-395, 2010.

Learning by Doing vs. Learning from Others in a Principal-Agent Model, (with A. Karaivanov), Journal of Economic Dynamics and Control, 34, 1967- 1992, 2010.

Learning Benevolent Leadership in a Heterogeneous Agents Economy, (with H. Dawid, C. Deissenberg and O. Kostyshyna), Journal of Economic Dynamics and Control,  34, 1768-1790, 2010.

Call Market Book Information and Efficiency, (with J. Ledyard), Journal of Economic Dynamics and Control, 31, 1971-2000, 2007.

Revisiting Individual Evolutionary Learning in the Cobweb Model - An Illustration of the Virtual Spite Effect, (with M. Maschek), Computational Economics, 28, 333-354, 2006.

An Initial Implementation of the Turing Tournament to Learning in Repeated Two Person Games, (with R. McKelvey and S. Pevnitskaya), Games and Economic Behavior, 57, 93-122, 2006.

Heterogeneity and Evolution of Expectations in a Model of Currency Crisis, (with P. Masson), Nonlinear Dynamics, Psychology and Life Sciences, 2004.

Scaling Up Learning Models in Public Good Games, (with J. Ledyard), Journal of Public Economic Theory, 6, 205 - 238, 2004.

Information and Dynamics: Sequences of Call Markets, (with J. Ledyard), Information Systems and Frontiers, 5, 39 - 47, 2003.

Evolutionary Dynamics of the Transitions Across the Nash equilibria of a Tacit Coordination Game, European Journal of Economic and Social Systems, 15,109-129, 2001.

Evolutionary Dynamics of Currency Substitution, Journal of Economic Dynamics and Control, 25, 395-417, 2001.

Using Genetic Algorithm to Select Architecture of a Feedforward Neural Network, (with R. Gencay), Physica, 289, 574-594, 2001.

Performance of Rational and Adpative Agents in the Environment with Persistent Fluctuations of the Exchange, Macroeconomic Dynamics, 5, 204-224, 2001.

Statistical Properties of Genetic Algorithm Learning in Macroeconomic Models, (with R. Gencay), Journal of Economic Dynamics and Control, 24, 981-1005, 2000.

Inflationary Deficit Financing in an Open Economy: Evolutionary Dynamics, The Santa Fe Institute Working Papers Series 99-05-038, 1999.

Evolution of Communication in a Sender/Receiver Game of Common Interest with Cheap Talk, (with C. Eaton), Journal of Economic Dynamics and Control, 22, 1187-1207, 1998.

Stability of Equilibria under Genetic Algorithm Adaptation: an Analysis, Macroeconomic Dynamics, 2: 1-22, 1998.

The Transition from Stagnation to Growth: An Adaptive Learning Approach, (with J. Bullard and J. Duffy), Journal of Economic Growth, 2:185-209, 1997.

The Behavior of the Exchange Rate in the Genetic Algorithm and Experimental Economies, Journal of Political Economy, 104:510-541, 1996.

Drift and Selective Imitation, (with C. Eaton and B. Morrison) Proceedings of the Second International Conference on Evolutionary Programming, San Diego CA, 1996.

Genetic Algorithms and Inflationary Economies, Journal of Monetary Economics, 36: 219-243, 1995.

Coordination via Genetic Learning, (with C. Eaton) Computational Economics, 8: 181-203, 1995.

Genetic Algorithm and the Cobweb Model, Journal of Economic Dynamics and Control, 18: 3-28, 1994

Heterogeneous Agent Modeling: Experimental Evidence, (with J. Duffy) in C Hommes and B. LeBaron (Eds.), Handbook of Computational Economics, Vol. 4, pp: 491-550: 2018.

Evolving Better Strategies for Central Bank Communication: Evidence From the Laboratory, in J. Duffy (Ed.), Experiments in Macroeconomics, Research in Experimental Economics, 17, Bingley, UK: Emerald Group Publishing, 2014.  

Social Learning in a Model of Adverse Selection, in D. West, G. Dow and A. Eckert (eds.), Industrial Organization, Trade and Social Interaction: Essays in Honour of B. Curtis, Eaton, University of Toronto Press, 2010.

Social Learning and Optimal Screening, (with A. Karaivanov), in G. Dow, D. West and A. Eckert (eds.) Industrial Organization, Trade and Social Interactions: Essays in Honour of B. Curtis Eaton, University of Toronto Press, 2010.

The Implementation of the Turing Tournament: A Report, Nonlinear Dynamics and Heterogenous Interacting Agents, eds. Lux, T., Reitz S, Sumanidou, E., Lecture Notes in Economics and Mathematics, 550, pp. 3-9, Springer Berlin Heidelberg, 2005.

Exchange Rate Volatility in the Artificial Foreign Exchange Market, in S.H. Chen (ed.), Evolutionary Computation in Economics and Finance, pp. 123-135, Springer-Verlag, 2005.

Laboratory Experiments with an Expectational Phillips Curve, (with T.J. Sargent), in D. Altig and B. Smith (eds.), The Origins and Evolution of Central Banking: Volume to inaugurate the Institute on Central Banking of the Federal Reserve Bank of Cleveland, Cambridge University Press, 2003, pp 23 - 56. [ps file]

Strategic Uncertainty and the Genetic Algorithm Adaptation, in H. Amman, B. Rustem and A. Whinston (eds.), Advances in Computational Economics, Kluwer Publishers, 1996.

Evolutionary Algorithms in Macroeconomic Models, Macroeconomic Dynamics, 4, 373-414, 2000.