Designing a financial market that works well is very important for developing and maintaining an advanced economy, but is not easy because changing detailed rules, even ones that seem trivial, sometimes causes unexpected large impacts and side effects. A computer simulation using an agent-based...

Information dissemination and aggregation are key economic functions of financial markets. How intelligent do traders have to be for the complex task of aggregating diverse information (i.e., approximate the predictions of the rational expectations equilibrium) in a competitive double auction...

Virtual agents wear many different names according to their use contexts, functionalities, degrees of anthropomorphism. They can also be visible or incarnated, or not (incarnated agents are called Embodied virtual agents or EVAs). They have been widely used since the 2000's and first generated a...

In this paper, we employ the agent-based macroeconomic Eurace@Unibi Model to study the economic implications of different degrees of de-centralization in the wage setting. Starting from a baseline scenario, corresponding to a high degree of unionization, in which wages are fully centralized and...

We propose two novel methods to "bring ABMs to the data". First, we put forward a new Bayesian procedure to estimate the numerical values of ABM parameters that takes into account the time structure of simulated and observed time series. Second, we propose a method to forecast aggregate time...

This paper seeks to find a way to study and compare theories that analyze consumer decision making from different approaches, using data from Mexico, to detect the factors that determine the patterns of consumption found in the data. Four consumer behavior theories are studied separately:...

We propose an agent-based model that explores the dynamics of a collective-social risk dilemma, within the framework of a simplified shallow lake model (Scheffer 1998). The agents are endowed with realistic cognitive abilities, building on the Agent Zero framework (Epstein, 2014). Deliberative,...