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.

Project Selene ABM Suite

Agent-Based Scenario Exploration for Consortium Cooperation Dynamics

Version: 2.1 (Revised)
Date: January 2026
Status: Exploratory Analysis Tool

NOMAD is an agent-based model of firm location choice between two aggregate regions (“near” and “off”) under logistics uncertainty. Firms occupy sites characterised by attractiveness and logistics risk, earn a risk-adjusted payoff that depends on regional costs (wages plus congestion) and an individual risk-tolerance trait, and update location choices using aspiration-based satisficing rules with switching frictions. Logistics risk evolves endogenously on occupied sites through a region-specific absorption mechanism (good/bad events that reduce/increase risk), while congestion feeds back into regional costs via regional shares and local crowding. Runs stop endogenously once the near-region share becomes quasi-stable after burn-in, and the model records time series and quasi-stable outcomes such as near/off composition, switching intensity, costs, average risk, and average risk tolerance.

The model examines cattle herd dynamics on a patchy grassland subject to two exogenous pressures: periodic raiding events that remove animals and scheduled management culling that can target males and/or females. It is intended for comparative experiments on how raiding frequency, culling schedules, vegetation dynamics, and life-history parameters interact to shape herd persistence. The model was specifically designed to test the scenario of cattle herding in the arid grasslands of southern Arizona and northern Sonora during the mission period (late 17th through late 18th centuries, CE). In this period, herds were locally managed by Spanish mission personnel and local O’odham groups. Herds were culled mostly for local consumption of meat, hides, and tallow, but the mission herds were often targets for raiding by neighboring groups. The main purpose of the model is to examine herd dynamics in a seasonally variable, arid environment where herds are subject to both intentional internal harvest (culling) and external harvest (raiding).

This agent-based model simulates how new immigrant households choose where to live in Metro Vancouver under the origins diversity scenario. The model begins with 16,000 household agents, reflecting an expected annual population increase of about 42,500 people based on an average household size of 2.56. Each agent is assigned four characteristics: one of ten origin categories, income level (adjusted using NOC data and recent immigrant earnings), likelihood of having children, and preferred mode of commuting. The ten origin groups are drawn from Census patterns, including six subgroups within the broader Asian category (China, India, the Philippines, Iran, South Korea, and Other Asian countries) and two categories for immigrants from the Americas. This refined classification better captures the diversity of newcomers arriving in the region.

This study presents a System Dynamics (SD) model that explores the “trajectories of homelessness” among youth outside of the formal care system. Unlike traditional approaches that view runaway behavior as a discrete choice, this model reinterprets it as a neurobiological adaptation to chronic resource deprivation and systemic neglect.
​The model incorporates key mechanisms such as ‘Allostatic Load’ accumulation, ‘PFC-Amygdala Switching’, and the ‘Iatrogenic Effects’ of shelter policies. It utilizes Monte Carlo simulations to demonstrate how structural factors create a “probabilistic vulnerability,” trapping youth in cycles of survival crime and isolation regardless of individual resilience.
​The uploaded code includes a Python implementation of the model to ensure reproducibility of the stochastic analysis presented in the paper.

This model explores the coupled dynamics of social norm diffusion and finite resource depletion. Extending the “Affordance Landscape” framework by Kaaronen & Strelkovskii (2020), this simulation investigates how resource scarcity and regeneration rates influence the adoption of pro-environmental behaviours.

The model addresses the gap by linking behavioural norms to a depleting common-pool resource. It tests whether sustainable norms can diffuse rapidly enough to prevent ecological collapse and identifies “tipping points” where resource scarcity acts as a driver for behavioural change.

This repository serves as a design proof for agent-based modeling simulation in heat adaptation behavior. This model was developed as part of the UrbanAir project theme. This repository will be kept updated in the four-year timeline (2025 until 2029).

The FRAMe (Flood Resilience Agent-Based Model) serves as a framework designed to simulate flood resilience dynamics at the community level, focusing on a rural settlement in the Mekong River Basin. Integrating empirical data from extensive surveys, Bayesian networks, and hydrological simulations, the framework quantifies resilience as a trade-off between robustness (resistance to damage) and adaptability (capacity for dynamic response). Agents include households, governments, and other actors, linked by social and governance networks that facilitate knowledge transfer, resource distribution, and risk communication. FRAMe incorporates mechanisms for flood forecasting, policy interventions (education, aid, insurance), and individual and collective decision-making, grounded in Protection Motivation Theory and MoHuB frameworks. The framework’s spatially explicit design leverages GIS data, which supports scenario testing of governance structures and stakeholder interactions. By examining policy scenarios and agent behavior, FRAMe aims to inform adaptive flood management strategies and enhance community resilience.

HUMLAND Fire-in-the-Hole is a conceptual agent-based model (ABM) designed to explore the ecological and behavioral consequences of fire-driven hunting strategies employed by hunter-gatherers, specifically Neanderthals, during the Last Interglacial period around the Neumark-Nord (Germany) archaeological site.

This model builds on and specializes the HUMLAND 1.0.0 model (Nikulina et al. 2024), integrating anthropogenic fires, elephant group behavior, and landscape response to simulate interactions between humans, megafauna, and vegetation over time.