Subprogrammes: NWO-Vernieuwingsimpuls Information Flows in
Financial Markets
EU STREP Project Financial Markets and Complexity
NWO-VIDI Structural Stability in Economic Dynamics
Programme director: Prof.dr. C.H. Hommes
Department: Quantitative Economics
METIS-code: uva/fee/res/e&d/prog
JEL-classification: C, D, E6
Web-address: www.ase.uva.nl/cendef
Starting date programme: 1998
VSNU-scores 1995-2000: Quality: 3, Productivity: 3, Relevance: 2, Viability: 4
7.1 MEMBERS OF THE RESEARCH GROUP AND RESEARCH IN FTES
Name Title Function
Total 2004 Total 2005 Total 2006 Dept. Funding Anufriev, M. dr postdoc - 0.20 0.80 KE 2 Bekiros, S. dr postdoc - - 0.05 KE 2
Diks, C. (CeNDEF) dr postdoc 0.60 - - KE 2
Diks, C. (CeNDEF) dr uhd - 0.80 0.60 KE 2
Dindo, P.D.E. msc aio 0.60 0.60 0.60 KE 2
Furth, D. dr uhd 0.50 0.50 - KE 1
Heemeijer, P. (CeNDEF) drs aio 0.60 0.60 0.25 KE 1
Heijnen, P. dr postdoc - - 0.08 KE 2
Hommes, C.H. (CeNDEF) prof dr hgl 0.50 0.50 0.50 KE 1
Hoog, S. van der drs aio 0.45 - - KE 1
Kiseleva, T. msc aio - - 0.20 KE 2
Koster, M.A.L. dr ud 0.50 0.50 0.50 KE 1
Manzan, S. (CeNDEF) dr postdoc 0.80 0.40 - KE 2
Mohammadian Moghayer, S. msc aio - - 0.20 KE 1
Ochea, M.I. mphil aio - - 0.20 KE 1
Panchenko, V. (CeNDEF) msc aio 0.60 0.60 0.45 KE 1
Tuinstra, J. (CeNDEF) dr uhd 0.50 0.50 0.50 KE 1
Wagener, F. (CeNDEF) dr ud 0.50 0.50 KE 1
Wagener, F. (CeNDEF) dr uhd - - 0.50 KE 2
Weddepohl, H.N. prof dr hgl - - - KE pm
Weide, R. van der (CeNDEF) drs aio 0.35 - - KE 1
Zovko, I. (CeNDEF) msc guest 0.00 0.00 0.00 KE 1
Total 1st flow of funds 4.50 3.70 2.60
Total 2nd flow of funds 2.00 2.00 2.83
Total 3rd flow of funds 0.00 0.00 0.00
Total 1st f.o.f. excl. Ph.D.'s 2.50 2.50 1.50
Total 1st-3rd flow of funds 6.50 5.70 5.43
7.2 PROGRAMME DESIGN
The objective of the program is the development of (mathematical) economic theory, which is focussed on the understanding of economic processes. The program aims at developing models of economic behaviour, in microeconomics, macroeconomics and finance. Emphasis is given to behavioural models of dynamic market phenomena. The research group has a multi-disciplinary approach. The models are studied both from a theoretical and a computational perspective, and the validity of the models is tested in laboratory experiments as well as real data. The NWO-Vernieuwingsimpuls Information Flows in Financial Markets, the EU STREP project Financial Markets and Complexity and the NWO-VIDI program Structural Stability in Economic Dynamics are part of the research program. The program can be subdivided into five, closely related and interacting themes:
Equilibrium theory: Individual optimising behaviour of economic agents generates aggregate supply
and demand of commodities, as a function of prices and individual expectations. In equilibrium supply and demand are equal. Many types of equilibrium can be studied: partial versus general, competitive versus monopolistic, dynamic versus static, temporary equilibrium, single, representative agent as well as heterogeneous, interacting agents equilibria. Existence of equilibria as well as conditions for stability or instability of dynamic adjustment processes are studied.
Game theory: This part of the program focuses on modelling strategic behaviour of economic agents in
markets with imperfect competition, such as duopoly and oligopoly. Equilibria in non-cooperative games (e.g. duopoly, oligopoly) as well as cooperative games (costs sharing, general equilibrium) are studied. Evolutionary games with heterogeneous, boundedly rational strategies competing against each other are also studied.
Expectations and learning: Bounded rationality models of expectation formation and learning schemes
are becoming a serious alternative to rational expectations, which was the dominating paradigm until quite recently. The fully rational representative agent is replaced by a large heterogeneous population of boundedly rational interacting agents, who form expectations based upon time series observations and update their forecasting rules according to new observations and new information about market fundamentals. Conditions under which learning schemes converge to rational expectations or to a boundedly rational expectations equilibrium with excess volatility are investigated. Formation of expectations is studied in theory, in laboratory experiments and in real markets.
Nonlinear economic dynamics: This part of the program focuses on nonlinear, complexity models of
dynamic market phenomena. Are market fluctuations mainly caused by random exogenous shocks, or can endogenous nonlinear economic laws of motion explain (a significant part of) the fluctuations? Various deterministic and stochastic economic models are studied theoretically, computationally as well as empirically, attempting to mimic the most important stylised facts observed in real economic and financial time series. Emphasis is given to complex adaptive systems where markets consist of a large population of agents selecting simple strategies according to their relative success in the recent past. In these evolutionary adaptive systems endogenous variables such as prices and agents’ beliefs co-evolve over time.
Dynamic optimization: This is an important topic in economic dynamics. Emphasis is given to
dynamic optimization problems in environmental economics, characterized by a conflict between economic benefits and ecological costs. Tools from nonlinear dynamics and bifurcation theory are employed to investigate non-convex dynamic optimization problems. The main thrust is a structural analysis, that is, investigation of the global solution structure of dynamic optimisation problems and dynamic games. The qualitative changes of these solutions are studied under changes of the parameters. Geometrical methods, like bifurcation theory, normal form theory and perturbation theory, and numerical methods yield insights, not just at isolated parameter values, but for the complete parameter set.
7.3 PROGRAMME EVALUATION
This program grew out of a mathematical economics program Equilibrium and Dynamics, led by Weddepohl, which was quite small until the mid nineties. The group was extended considerably at the end of 1998, thanks to a NWO-MaG Pionier grant awarded to Hommes, to set up the Center for Nonlinear Dynamics in Economics and Finance (CeNDEF). At that time the program changed from a small specialized mathematical economics program into a multi-disciplinary research program with an emphasis on economic theory, but also running laboratory experiments (in cooperation with Joep Sonnemans at CREED) to test behavioural theories and doing empirical work as well, in particular non-linear time series analysis, to test behavioural models empirically. Weddepohl retired in 2002 and Furth and Koster joined the group in 2002, and game theory has become one of the research themes of the program. At the end of 2003, the CeNDEF postdocs Diks, Tuinstra and Wagener obtained tenured positions, so that the continuation of the research program has been ensured.
The year 2006 has been an excellent year. The output has been very good both in quantity and in quality (16 journal articles, including 3 A publications, and 4 refereed publications in books, including a chapter in the Handbook of Computational Economics). With another 11 forthcoming publications the output is expected to remain good in 2007. The research program has gained international recognition, as e.g. shown by excellent citation statistics (e.g. according to the Science Citation Index (SCI) in 2006 about 100 citations of published work by group members and more than 600 cumulative citations 1988-2005) and many (invited) lectures at international seminars, conferences and workshops by various members of the research group. Hommes was ranked at the 22th position in
the ESB Economen Top 40 (based on publications in 1999-2003) and at the 30th position of the ESB
Economen Citatie Top 30 (based on citations 1999-2003).
In 2005 two new projects have started. In July 2005 Wagener obtained a NWO-MaG VIDI grant for the research proposal “Structural Stability in Economic Dynamics”. This project employs tools from nonlinear dynamics and bifurcation theory to investigate non-convex dynamic optimization problems characterized by a conflict between economic benefits and environmental externalities. In September 2006 two Ph-D students (Kiseleva and Mohammadian Moghayer) started working on this project and a postdoc (Heijnen) started in December 2006.
Hommes obtained an EU grant for a research proposal Financial Markets and Complexity, jointly with the universities of Warwick, Kiel, Marseille, Trieste and Caglieri, a STREP project within the EU 6th framework programme. This project focuses on the analysis of emergent properties of interacting agent systems. Mikhail Anufriev started as a postdoc in this EU-project in October 2005. The second year TI student Marius Ochea joined the group in September 2005 on a Ph-D project at the border of nonlinear dynamics and evolutionary game theory. Valentyn Panchenko finished his Ph- D thesis Nonparametric Methods in Economics and Finance: dependence, causality and prediction in October 2006 (well within 4 years). It is expected that three Ph-D students (Dindo (February 2007), Heemeijer, and van der Weide) will finish their thesis in 2007. It is therefore important that new Ph-D students will join the group next year. Hommes obtained a NWO Vervangingssubsidie in September 2006 for the project Nonlinear Dynamics, Bounded Rationality and Interacting Agents. For this project, Heemeijer has been hired as assistant professor, starting in September 2006.
7.4 RESOURCES AND FUNDING
The programme received a very modest amount of funding from the research institute RESAM. As usual, this money was mostly spent to cover (part of) the costs related to the participation in conferences and workshops by research group members. Additional means were obtained from external funding and the Tinbergen Institute (for the PhD-students). Substantial additional funding comes from the Dutch science foundation NWO (a NWO Vernieuwingsimpuls (Diks), a VIDI grant (Wagener) and a Vervangingssubsidie (Hommes)), and the European Union (an EU STREP grant (Hommes)).
7.5 OUTPUT
Key publications
Anufriev M., Bottazzi G. & Pancotto, F. (2006). Equilibria, stability and asymptotic dominance in a speculative market with heterogeneous agents. Journal of Economic Dynamics and Control,
30, (9-10), 1787-1835.
Brock, W.A., Hommes, C.H. & Wagener, F.O.O. (2005). Evolutionary dynamics in markets with many trader types. Journal of Mathematical Economics, 41, 7-42.
Diks, C. & Weide, R. van der (2005). Herding, A-synchronous Updating and Heterogeneity in memory in a CBS. Journal of Economic Dynamics and Control, 29, 741-763.
Droste, E., Hommes, C.H. & Tuinstra, J. (2002). Endogenous Fluctuations under Evolutionary Pressure in Cournot Competition. Games and Economic Behavior, 40, 232-269.
Hommes, C.H. (2006). Heterogeneous Agent Models In Economics and Finance. In Tesfatsion, L. & Judd, K.L.(eds), Hand-book of Computational Economics, Volume 2: Agent-Based
Computational Economics (pp. 1109-1186). Elsevier Science.
Hommes, C.H., Sonnemans, J., Tuinstra, J. & Velden, H. van de (2005). Coordination of expectations in asset pricing experiments. Review of Financial Studies, 18, 955-980.
Wagener, F.O.O. (2003). Skiba points and heteroclinic bifurcations, with applications to the shallow lake system. Journal of Economic Dynamics & Control, 27, 1533-1561.
Forthcoming
Bekiros, S. (2007). A Neurofuzzy Model for Stock Market Trading. Forthcoming in Applied
Economics Letters.
Bekiros, S. & Georgoutsos, D. (2007). Extreme Returns and the Contagion Effect between the Foreign Exchange and the Stock Market: Evidence from Cyprus. Forthcoming in Applied
Financial Economics.
Bekiros, S. & Georgoutsos, D. (2007). Evaluating direction-of-change forecasting: Neurofuzzy Models vs. Neural Networks. Forthcoming in Mathematical and Computer Modelling.
Boswijk, H.P., Hommes, C.H. & Manzan, S. (2007). Behavioral heterogeneity in stock prices. Forthcoming in Journal of Economic Dynamics and Control.
Diks, C.G.H. & Panchenko, V. (2007). Nonparametric Tests for Serial Independence Based on Quadratic Forms. Forthcoming in Statistica Sinica, 7, (1).
Gaunersdorfer, A., Hommes, C.H. & Wagener, F.O.O. (2007). Bifurcation routes to volatility clustering under evolutionary learning. Forthcoming in Journal of Economic Behavior and
Organization.
Gaunersdorfer, A. & Hommes, C.H. (2007). A nonlinear structural model for volatility clustering. Forthcoming in Teyssière, G. & Kirman, A. (eds), Long Memory in Economics, Springer- Verlag.
Hommes, C.H. (2007). Interacting agents in finance. Forthcoming entry for the second edition of the
New Palgrave: A Dictionary of Economics, edited by L. Blume & S. Durlauf.
Hommes, C.H., Sonnemans, J., Tuinstra & van de Velden, H. (2007) Learning in cobweb experiments. Forthcoming in Macroeconomic Dynamics.
Koster, M.A.L. (2006). The Moulin-Shenker rule. Social Choice and Welfare, online publication, DOI 10.1007/s00355-006-0206-z.
Panchenko, V. (2007). Impact of analysts' recommendations on stock performance. European Journal
of Finance.
Publications in numbers
Dissertations
Panchenko, V. (2006, 11 October). Nonparametric Methods in Economics and Finance: Dependence,
Causality and Prediction. Universiteit van Amsterdam. [promotor prof. dr C.H. Hommes, co-
promotor dr. C.G.H. Diks] [cat. I]
Academic publications (excluding publications in/of books) – refereed
A Anufriev M., Bottazzi G. & Pancotto, F. (2006). Equilibria, stability and asymptotic dominance in a speculative market with heterogeneous agents. Journal of Economic Dynamics and Control,
30, (9-10), 1787-1835. [A].
Chiarella, C., He, X.Z. & Hommes, C.H. (2006). A dynamic analysis of moving average rules.
Journal of Economic Dynamics and Control, 30, 1729-1753. [A].
Diks, C.G.H. & Panchenko, V. (2006). A new statistic and practical guidelines for nonparame-tric Granger causality testing. Journal of Economic Dynamics and Control, 30, (9-10), 1647- 1669. [A].
B Benthem, A.A. van, Kramer, G.J. & Ramer, R. (2006). An options approach to investment in a hydrogen infrastructure. Energy Policy 34, 2949-2963. [B].
Chiarella, C., He, X.Z. & Hommes, C.H. (2006). Moving average rules as a source of market instability. Physica A: Statistical and its Applications, 370, 12-17. [B].
Diks, C.G.H. (2006). Comments on `Global Sunspots in OLG Models’, Journal of Macro-economics,
28, (1), 46-50. [B].
Heijnen, P. &. Kooreman, P. (2006) Modeling Strategic Interactions to Car and Fuel Taxation.
Journal of Transport Economics and Policy, (40), 203-223. [B].
Hommes, C.H. & Manzan, S. (2006). Comments on ``Testing for nonlinear structure and chaos in economic time series’’. Journal of Macroeconomics, 28, 169-174. [B].
Karnaukhov, I.N. & Diks, C.G.H.(2006). Hybridized mechanism of pairing of fermions in single- walled carbon nanotubes. Physical Review B, 74, article 235432 (5 pages). [B].
Koster, M.A.L. (2006). Heterogeneous Cost Sharing, the Directional Serial Rule. Mathematical
Methods of Operations Research, 64, (3), 429-444. [B].
Sadiraj, V., Tuinstra, J. & Winden, F.A.A.M. van (2006). A computational electoral competition model with social clustering and endogenous interest groups as information brokers. Public
Choice, 129, 169-187. [B].
Equilibrium, Expectations & Dynamics 2006
1) Academic publications a) in refereed journals A 3
B 10 C 2 b) in other journals - c) book chapters A 1 B 3 C - d) proceedings Other 1 1 Total 20 2) Monographs A - B - C - 3) Ph.D. theses 1 4) Professional publications 1 5) Popular publications 4 6) Working papers 15 Total 41 15 4 0
Schinkel, M.P. & Tuinstra, J. (2006). Imperfect competition law enforcement. International Journal
of Industrial Organization, 114, 466-486. [B].
Wagener, F.O.O. (2006). Skiba points for small discount rates. Journal of Optimization Theory and
Applications, 128, 261-277. [B].
C Brock, W.A., Dindo, P. & Hommes, C.H. (2006). Adaptive rational equilibrium with forward looking agents. International Journal of Economic Theory, 2, 241-278. [C].
Vrugt, J.A., Clark, M.P., Diks, C.G.H., Duan, Q. & Robinson, B.A. (2006). Multi-objective calibration of forecast ensembles using Bayesian model averaging. Geophysical Research
Letters, 33, (19), Art. No. L19817 Oct. 12, (6 pages). [C].
Academic publications (in/of books) – refereed
Anufriev, M. & Bottazzi, G. (2006). Noisy Trading in the Large Market Limit. In Mathieu, P., Beaufils, B. & Brandouy, O. (eds), Artificial Economics. Lecture Notes in Economics and
Mathematical Systems, vol.564. Berlin: Springer-Verlag. [B].
Anufriev, M. & Dindo, P. (2006). Equilibrium return and agents’ survival in a multiperiod asset market: analytic support of a simulation model. In Brun, C. (eds), Advances in artificial
economics. Berlin: Springer-Verlag. [B].
Anufriev, M. & Panchenko V. (2006). Heterogeneous beliefs under different market architect-tures. In Bruun, C. (eds), Advances in Artificial Economics. Lecture Notes in Economics and Mathematical Systems, vol.584. Berlin: Springer-Verlag. [B].
Hommes, C.H. (2006). Heterogeneous Agent Models In Economics and Finance. In Tesfatsion, L. & Judd, K.L. (eds), Hand-book of Computational Economics, Volume 2: Agent-Based
Computational Economics (pp. 1109-1186). Elsevier Science. [A].
Academic publications (in/of proceedings) – non-refereed
Sadiraj, V., Tuinstra, J. & Winden, F.A.A.M. van (2006). Voting cycles in a computational electoral competition model with endogenous interest groups. In Endriss, U. & Lang, J. (eds),
Proceedings of the First International Workshop on Computational Choice.
Academic publications (working- and discussion papers)
Anufriev M. & Bottazzi G. (2006). Price and Wealth Dynamics in a Speculative Market with Generic
Procedurally Rational Traders, CeNDEF Working Paper, 2006-02.
Anufriev, M. & Dindo, P. (2006). Equilibrium Return and Agents Survival in a Multiperiod Asset
Market: Analytic Support of a Simulation Model, CeNDEF Working Paper, 2006-03.
Bekiros, S. & Georgoutsos, D. (2006). Direction-of-change forecasting using a Volatility based
Recurrent Neural Network, CeNDEF. Working Paper.
Bekiros, S. & Georgoutsos, D. (2006). Estimating the Correlation of International equity markets
with Multivariate Extreme & GARCH models, CeNDEF Working Paper.
Brock, W.A., Hommes, C.H. & Wagener, F.O.O. (2006). More hedging instruments may destabilize
markets. CeNDEF Working paper 06-12. Universiteit van Amsterdam.
Diks, C.G.H. & Dindo, P.D.E. (2006). Informational differences and learning in an asset market with
boundedly rational agents, CeNDEF Working paper 06-11.
Diks,C.G.H., Hommes,C.H., Panchenko, V. & Weide, R.van der (2006). E&F Chaos: a user friendly
software package for nonlinear economic dynamics, CeNDEF Working paper 06-15.
Diks, C.G.H. & Panchenko, V. (2006). Rank-based entropy tests for serial independence, CeNDEF
Working paper 06-14.
Diks, C.G.H. & Wagener, F.O.O. (2006). A weak bifurcation theory for discrete time stochastic
dynamical systems, CeNDEF Working paper 06-04.
Dindo, P. & Tuinstra, J. (2006). A behavioral model for participation games with negative feedback.
CeNDEF Working Paper 06-10, Universiteit van Amsterdam.
Goppelsroeder, M., Schinkel M.P. & Tuinstra, J. (2006). Quantifying the scope for efficiency defense
in merger control: The Werden-Froeb-Index. Amsterdam Center for Law & Economics Working Paper No. 2006-10, Universiteit van Amsterdam.
Heemeijer, P., Hommes, C.H., Sonnemans, J. & Tuinstra, J. (2006). Price stability and volatility in
markets with positive and negative expectations feedback: An experimental investigation, CeNDEF Working Paper 06-05, Universiteit van Amsterdam.
Koster, M.A.L. (2006). Consistent Cost Sharing and Rationing.
Saleh, K. & Wagener, F.O.O. (2006). Semi-global analysis of periodic and quasi-periodic k:1 and k:2
resonances. CeNDEF Working paper 06-06. Universiteit van Amsterdam.
Professional publications
Bullard, J., Diks, C. & Wagener, F. (2006). Editorial Introduction to the Special Issue on "Computing in Economics and Finance". Journal of Economic Dynamics and Control, 30 (9-10), 1441- 1444.
Popular publications
Dindo, P. (2006). To go or not to go: An evolutionary approach to the El Farol game. AENORM, 51, 4-10.
Hommes, C.H., Sonnemans, J., Tuinstra, J. & Velden, H. van de (2006). Coordination of expectations in asset pricing experiments. ‘Papers in short’ section Tinbergen Institute Magazine, 13, Spring, 14.
Koster, M.A.L. (2006). Cost Sharing: Proportional versus Serial. AENORM, 53, 49-54.
Wagener, F.O.O. (2006). The structure of economic dynamics. Tinbergen Institute Magazine, 14, Fall 11-14.
Contributions to academic conferences, workshops and seminars
Anufriev, M. (2006, 6 March). Wealth-Driven Competition in a Speculative Financial Market: General Model and Applications, KAFEE Lunch Seminar, UvA.
Anufriev, M. (2006, 13 June). Heterogeneous Beliefs under Different Market Architectures, invited seminar, Sant'Anna School of Advanced Studies, Pisa, Italy.
Anufriev, M. (2006, 24 June). Behavioral consistent market equilibria under procedural rationa-lity, 12th International Conference on Computing in Economics and Finance, Limassol, Cyprus. Anufriev, M. (2006, 14 September). Heterogeneous beliefs under different market achitectures,
symposium on Agent-Based Computational Methods in Economics and Finance, Aalborg, Denmark.
Anufriev, M. (2006, 15 September). Equilibrium Return and Agents’ Survival in a Multiperiod Asset Market: Analytic Support of a Simulation Model, symposium on Agent-Based Computational Methods in Economics and Finance, Aalborg, Denmark.
Anufriev, M. (2006, 30 September). Behavioral Consistent Market Equilibria under Procedural Rationality, Invited talk on the workshop, Venice, Italy.
Anufriev, M. (2006, 5 October). Equilibrium Return and Agents’ Survival in a Multiperiod Asset Market: Analytic Support of a Simulation Model, workshop on Complex Markets, Marseille, France.
Bekiros, S. (2006, 8 March). Estimating the Correlation of international equity markets with Multivariate Extreme & GARCH models. Department of Economics, University of Crete. Rethymno. Greece. Invited lecture.
Bekiros, S. (2006, 31 May). Estimating the Correlation of international equity markets with Multivariate Extreme & GARCH models. 13th International Conference on Forecasting
Financial Markets (FFM 2006). Aix-en-Provence, France.
Bekiros, S. (2006, 28 June). Estimating the Correlation of international equity markets with Multivariate Extreme & GARCH models. European Financial Management Association Conference. Madrid, Spain.
Bekiros, S. (2006, 21 October). Advanced Techniques in Quantitative Finance. Department of Quantitative Economics, University of Amsterdam. Amsterdam. The Netherlands. Invited lecture .
Diks, C. (2006, 17-20 October). Invited lecture series (12 hrs) on Nonparametric Time Series Analysis, Sant'Anna School of Advanced Studies, Pisa, Italy.
Diks, C. (2006, 30 August). Tests for serial independence based on quadratic forms, Workshop Nonlinear Dynamical Methods and Time Series Analysis, Udine, Italy.
Diks, C. (2006, 24 March). Nonparametric tests for serial independence based on quadratic forms, 14th annual symposium of the SNDE, St. Louis, USA.
Dindo, P. (2006, 25 April). Informational differences and learning in an asset market with boundedly rational agents. Tinbergen Institute PhD seminar series. Amsterdam, the Netherlands. Seminar.
Dindo, P. (2006, 3 May). Informational differences and learning in an asset market with boundedly rational agents. Politecnico di Milano seminar series. Milan, Italy. Invited seminar.
Dindo, P. (2006, 8 September). Informational differences and learning in an asset market with boundedly rational agents. 4th PhD conference: Research in Economics. Volterra, Italy. Contributed talk.
Heijnen, P. (2006, July 7). Informative Advertising by an Environmental Group, 3rd World Congress
of Environmental and Resource Economists, Kyoto, Japan.
Hommes, C.H. (2006, 13 January). Heterogeneous Agent Models (HAMs) in Economics and Finance: theory, laboratory experiments and empirical testing, Field Workshop Tinbergen Institute, Amsterdam.
Hommes, C.H. (2006, 23 January). Heterogeneous Agent Models (HAMs) in Economics and Finance, University of Cambridge, invited seminar, macro seminar series.
Hommes, C.H. (2006, 21 February). Forming price expectations in positive and negative feedback systems, EU Complex Markets Workshop, Cagliari, Italy.
Hommes, C.H. (2006, 24 April- 5 May). Heterogeneous Agents Models in Economics and Finance: Theory, Laboratory Experiments and Empirical Testing, Sant'Anna School of Advanced Studies, Pisa, Italy, 3 invited lectures.
Hommes, C.H. (2006, 18-20 May). Adaptive Learning in Complex Systems, Workshop Complexity, Aix-en-Provence, keynote lecture.
Hommes, C.H. (2006, May 24-June 6). Department of Economics, University of Wisconsin, Madison, USA, invited researcher.
Hommes, C.H. (2006, 21-23 September). E&F Chaos: A simulation package for nonlinear economic dynamics, Fourth Workshop Modelli Dinamici in Economia e Finanza, Urbino, Italy, invited lecture.
Hommes, C.H. (2006, 6-7 October). More hedging instruments may destabilize markets, EU Complex Markets Workshop, Marseille.
Hommes, C.H. (2006, 27-29 October). Interacting agents in finance: theory, experiments and estimation, Workshop Dynamic Interaction in Markets, University of Leeds, UK, invited lecture.
Hommes, C.H. (2006, 6-7 November). Forming price expectations in positive and negative feed-back systems, ECB-conference Monetary Policy, Asset Markets and Learning, Frankfurt, invited lecture.
Hommes, C.H. (2006, 4 December). Evolutionary and adaptive learning in complex markets, FEB lunch seminar, Amsterdam.
Koster, M.A.L. (2006, 10 July). Cost Sharing and Rationing. Venice, Italy. Invited lecture.