Re-Implementation of a Multi-Agent Model Aimed at Sustaining Experimental Economic Research: the Case of Simulations with Emerging Speculation

The paper presents an attempt at a replication of a multi-agent model dealing with the issue of speculation. In the Journal of Economic Dynamics and Control, John Duffy presents his model and results, as a coupling between an experimental economic version and a multi-agent version, of a model by Kiyotaki and Wright (1989). This original model offers a structural setting on which to base a microeconomic view of speculation, composed of a production-exchange-consumption setting with three goods that differ by their storage costs. Here, I present my own version of the multi-agent model, which is as close as possible to John Duffy's, although I have been unable to reproduce his actual results. Most of my results are neither close to the experimental data nor the simulation data, which leads me to discuss the model of rationality of agents itself, and the way the results were described. The replication process is all the more interesting that it allows the redefinition of the indicators with which to analyze the model.