Agent Behavior Representation in INGENIAS

2006 ◽  
pp. 89-98
Author(s):  
Jorge J. Gómez Sanz ◽  
Rubén Fuentes ◽  
Juan Pavón
Keyword(s):  
Agent Behavior

scholarly journals Market sentiment and heterogeneous agents in an evolutive financial model

2021 ◽  
Author(s):  
F. Cavalli ◽  
A. Naimzada ◽  
N. Pecora ◽  
M. Pireddu
Keyword(s):  
Time Series ◽  
Heterogeneous Agents ◽  
Financial Time Series ◽  
Financial Model ◽  
Agent Behavior ◽  
Market Sentiment ◽  
Evolutionary Selection ◽  
Animal Spirits ◽  
Return Distributions ◽  
Fundamental Value

AbstractWe study a financial market populated by heterogeneous agents, whose decisions are driven by “animal spirits”. Each agent may have either correct, optimistic or pessimistic beliefs about the fundamental value, which can change from time to time based on an evolutionary mechanism. The evolutionary selection of beliefs depends on a weighted evaluation of the general market sentiment perceived by the agents and on a profitability measure of the existent strategies. As the relevance given to the sentiment index increases, a herding phenomenon in agent behavior may occur and animal spirits can drive the market toward polarized economic regimes, which coexist and are characterized by persistent high or low levels of optimism and pessimism. This conduct is detectable from agents polarized shares and beliefs, which in turn influence the price level. Such polarized regimes can consist in stable steady states or can be characterized by endogenous dynamics, generating persistent alternating waves of optimism and pessimism, as well as return distributions displaying the typical features of financial time series, such as fat tails, excess volatility and multifractality. Moreover, we show that if the sentiment has no or low relevance on belief selection, those stylized facts are abated or are missing from the simulated time series.

Coexisting Agency and Stewardship Governance in Family Firms: An Empirical Investigation of Individual-Level and Firm-Level Effects

2017 ◽  
Vol 30 (4) ◽  
pp. 347-368 ◽  
Author(s):  
Kristen Madison ◽  
Franz W. Kellermanns ◽  
Timothy P. Munyon
Keyword(s):  
Family Firms ◽  
Empirical Investigation ◽  
Future Research ◽  
Firm Level ◽  
Research Directions ◽  
Agent Behavior ◽  
Individual Level ◽  
Future Research Directions ◽  
Level Performance ◽  
Triadic Data

This article theoretically and empirically intertwines agency and stewardship theories to examine their distinct and combined influences on family firms. Primary matched triadic data from CEOs, family employees, and nonfamily employees in 77 family firms suggest that agency and stewardship governance affects individual-level behavior and firm-level performance. Specifically, agent behavior is highest under conditions of coexisting low agency governance and high stewardship governance and is lowest when agency and stewardship governance coexist at high levels. Furthermore, when high levels of agency and stewardship governance coexist, family firm performance is the highest. Theoretical implications and future research directions are discussed.

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