The restrictive assumptions imposed by the traditional methods of aggregation prevented so far a sound analysis of complex system of feedback between microeconomic variables and macroeconomic outcomes. This issue seems to be crucial in macroeconomic modelling, in particular for the analysis of...

In this paper, we build a realistic large-scale agent-based model of the Italian electricity market and run simulations to investigate how a significant increase in wind capacity can affect electricity prices at the national level when the wind resource is geographically concentrated, as in the...

We propose an agent-based computational model defining the following dimensions of structural change?organisation of production, technology of production, and product on the supply side, and income distribution and consumption patterns on the demand side?at the microeconomic level. We define ten...

Maximum entropy predictions are made for the Kirman ant model as well as the Abrams-Strogatz model of language competition, also known as the voter model. In both cases the maximum entropy methodology provides good predictions of the limiting distribution of states, as was already the case for...

In this article, I recount the intellectual journey that was mine during the last half century. The "Institutional Analysis and Development" (IAD) framework enabled a number of colleagues and me to undertake a series of empirical case studies of common resources management around the world. Over...

Using the ?Keynes+Schumpeter? (K+S) agent-based model developed in Dosi et al. (2010, 2012) we study how the interplay between firms? investment behavior and income distribution shapes the short?and long-run dynamics of the economy at the aggregate level. We study the dynamics of investment...

Environmental innovations heavily depend on government policies and consumers? behaviour. This paper addresses the issue of how these two factors interact in shaping the transition to a green technology. We extend models of technological selection with heterogeneous agents and learning by...

Long term economic development is characterized not only by increasing efficiency of economic activities but also by qualitative change within industries and increasing variety concerning the existence of different industries. Traditional economic growth models do not cope with the complex...

The Great Recession seems to be a natural experiment for macroeconomics showing the inadequacy of the predominant theoretical framework?the New Neoclassical Synthesis?grounded on the DSGE model. In this paper, we present a critical discussion of the theoretical, empirical and political-economy...

This paper presents a model of asymmetric (S,s) pricing. We investigate implications of such a behavior for the effectiveness of the monetary policy. We discuss two types of asymmetric responses to monetary interventions. One is the symmetry in the responses to positive and negative monetary...