Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems

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Complexity theory and financial regulation (2016, background): “This generic feature of positive feedback systems leads to persistent deviations of prices from equilibrium and emergence of speculation-driven bubbles and crashes, strongly amplified by coordination on trend-following and herding behavior (15).”
Behavioral & Experimental Macroeconomics and Policy Analysis: A Complex Systems Approach (2018, background): “A detailed derivation may be found in Brock & Hommes (1998) and Hommes (2013).”
Tipping Points in Macroeconomic Agent-Based Models (2013, methodology): “In order to become more quantitative, we think that ABMs will have to be calibrated at the micro-level, using detailed behavioural experiments and field studies to fine tune all the micro-rules needed to build the economy from bottom up (see [40, 42] for work in this direction).”
More is different ... and complex! the case for agent-based macroeconomics (2019, methodology): “…assumptions about individual behaviors and interactions to make them more in tune with the observed ones, ABMs rely on laboratory experiments (Hommes, 2013; Anufriev et al., 2016), business practices (Dawid et al., 2019, in this special issue) and microeconomic empirical evidence (Dosi et…”