COMPUTATIONAL SOCIAL SCIENCE SEMINAR – Modeling Panic with Psychological Agents – Sanjay Nayar

When:
May 4, 2018 @ 3:00 pm – 4:30 pm
2018-05-04T15:00:00-04:00
2018-05-04T16:30:00-04:00
Where:
Complexity Suite 3rd floor, Research Hall, Fairfax Campus
Cost:
Free
Contact:
Karen Underwood
703-993-9298

COMPUTATIONAL SOCIAL SCIENCE FRIDAY SEMINAR

Sanjay NayarCSS PhD Student
George Mason University

Modeling Panic with Psychological Agents

Friday, May 4, 3:00PM
Center for Social Complexity Suite
3rd Floor, Research Hall

Abstract:  Agent-based modeling (ABM) is steadily gaining traction in the modeling of real-world financial models built/used by organizations such as the Office of Financial Research, IMF, European Central Bank and others. As expected, the models are starting to show more complexity over the years but still lack much detailed modeling of agents at a psychological level. This becomes especially important in a crisis as individuals panic and make emotional decisions that are far from being fully rational or perhaps even boundedly-rational, in the traditional definition of the term. This exploratory talk will cover some of the recent ABM efforts in modeling financial crises and discuss the possible design elements for implementing and enhancing the psychological modeling of individuals agents, focusing on panic behavior in highly stressful/disastrous situations. Similarities and differences between financial panic and pedestrian/evacuation panic models will also be discussed, along with underlying theories of panic such as panics of “escape” and panics of “affiliation”.