Search Results - subject:"Agent Based Models"

On the Scientific Status of Economic Policy: A Tale of Alternative Paradigms

Fagiolo, Giorgio; Roventini, Andrea - Dipartimento di Scienze Economiche, Facoltà di Economia - 2008

In the last years, a number of contributions has argued that monetary - and, more generally, economic - policy is finally becoming more of a science. According to these authors, policy rules implemented by central banks are nowadays well supported by a theoretical framework (the New Neoclassical...

Persistent link: https://www.econbiz.de/10008553015

KEYNESIAN AND NEOCLASSICAL CLOSURES IN AN AGENT-BASED CONTEXT

Gibson, Bill - Department of Economics, University of Massachusetts-Amherst - 2008

://people.umass.edu/wgibson. Key words and phrases. Agent-based models, multi-agent systems, macroeconomic closure. Prepared for a conference on 70 … et al., 2007). Agent-based models are characterized by emergent properties that are not generally possible to anticipate … neoclassical models. A concluding section argues that while agent-based models incorporate im- portant elements from both …

Persistent link: https://www.econbiz.de/10005342588

HOW DO COMMUNICATION STRUCTURES SHAPE THE PROCESS OF KNOWLEDGE TRANSFER? - AN AGENT-BASED MODEL

Guechtouli, Widad - HAL - 2008

specifically compare two types of communication structures (through face-to-face interactions and through a forum) by using agent-based … models. Results show that each structure has a different impact on individual learning and knowledge transfer. Though …

Persistent link: https://www.econbiz.de/10008793779

Agent-based Modeling of Spatial Processes in World Economy

Suslov, V.I.; Domozhirov, D.A.; Kostin, V.S.; … - In: Journal "Region: Economics and Sociology" 4 (2014)

The paper demonstrates some limitations of traditional spatial models in the representation of spatial dynamics of the modern economy. We substantiate the necessity of agent-based approach to spatial economic modeling. The pilot version of an agent-based multiregional input-output model for...

Persistent link: https://www.econbiz.de/10011106464

Efficient Sampling and Meta-Modeling for Computational Economic Models

Salle, Isabelle; Yıldızoğlu, Murat - In: Computational Economics 44 (2014) 4, pp. 507-536

Extensive exploration of simulation models comes at a high computational cost, all the more when the model involves a lot of parameters. Economists usually rely on random explorations, such as Monte Carlo simulations, and basic econometric modeling to approximate the properties of computational...

Persistent link: https://www.econbiz.de/10011155122

FROM MICROSCOPIC HETEROGENEITY TO MACROSCOPIC COMPLEXITY IN THE CONTRARIAN VOTER MODEL

BANISCH, SVEN - In: Advances in Complex Systems (ACS) 17 (2014) 05, pp. 1450025-1

An analytical treatment of a simple opinion model with contrarian behavior is presented. The focus is on the stationary dynamics of the model and in particular on the effect of inhomogeneities in the interaction topology on the stationary behavior. We start from a micro-level Markov chain...

Persistent link: https://www.econbiz.de/10011163284

Behavioral heuristics and market patterns in a Bertrand–Edgeworth game

Heymann, D.; Kawamura, E.; Perazzo, R.; Zimmermann, M.G. - In: Journal of Economic Behavior & Organization 105 (2014) C, pp. 124-139

simulations of agent-based models and laboratory experiments. Overall, the individual pricing strategies observed experimentally …

Persistent link: https://www.econbiz.de/10011261611

Heterogeneous expectations in asset pricing: Empirical evidence from the S&P500

Chiarella, Carl; He, Xue-Zhong; Zwinkels, Remco C.J. - In: Journal of Economic Behavior & Organization 105 (2014) C, pp. 1-16

This paper empirically assesses heterogeneous expectations in asset pricing. We use a maximum likelihood approach on S&P500 data to estimate a structural model. Our empirical results are consistent with a market populated with fundamentalists and chartists. In addition, agents switch between...

Persistent link: https://www.econbiz.de/10011261617

Interaction in agent-based economics: A survey on the network approach

Bargigli, Leonardo; Tedeschi, Gabriele - In: Physica A: Statistical Mechanics and its Applications 399 (2014) C, pp. 1-15

In this paper we aim to introduce the reader to some basic concepts and instruments used in a wide range of economic networks models. In particular, we adopt the theory of random networks as the main tool to describe the relationship between the organization of interaction among individuals...

Persistent link: https://www.econbiz.de/10010871850

Endogenous Collateral Constraints and the Leverage Cycle

Fostel, Ana; Geanakoplos, John - In: Annual Review of Economics 6 (2014) 1, pp. 771-799

We review the theory of leverage developed in collateral equilibrium models with incomplete markets. We explain how leverage tends to boost asset prices and create bubbles. We show how leverage can be endogenously determined in equilibrium and how it depends on volatility. We describe the...

Persistent link: https://www.econbiz.de/10010886189