Amongst the wealth of concerns raised by Artificial Intelligence (“AI”), one is the risk that the deployment of algorithmic pricing agents on markets will increase occurrences of tacit collusion by orders of magnitude, and well beyond the oligopoly setting where such markets failures have...

We study the statistical properties of heterogeneous agent models. Using a Bewley-Hugget-Aiyagari model we compute the density function of wealth and income and use it for likelihood inference. We study the finite sample properties of the maximum likelihood estimator (MLE) using Monte Carlo...

We contribute to the field of Ramsey-type equilibrium models with heterogeneous agents. To this end, we state such a model in a time-continuous and time-discrete form, which in the latter case leads to a finite-dimensional mixed complementarity problem. We prove the existence of solutions of the...

We examine the complexity of financial returns generated by popular agent-based models through studying multifractal properties of such time series. Specifically, we are interested in the sensitivity of the models to their parameter settings and whether some patterns emerge in the connection...

Building a macro-finance agent-based model with credit and stock market, we investigate how the increasing role of speculative investors in the ownership structure affects managers' planning horizons and R&D investment-buybacks decisions and, consequently, the resulting macro-economic dynamics...

This paper examines the possibility of applying the novel likelihood-free Bayesian inference called BayesFlow proposed by Radev et al. (2020) to the estimation of agent-based models (ABMs). BayesFlow is a fully likelihood-free approach, which directly approximates a posterior rather than a...

Schelling and Sakoda prominently proposed computational models suggesting that strong ethnic residential segregation can be the unintended outcome of a self-reinforcing dynamic driven by choices of individuals with rather tolerant ethnic preferences. There are only few attempts to apply this...

We discuss the impact of a COVID-like shock on a simple toy economy, described by the Mark-0 Agent-Based Model that we developed and discussed in a series of previous papers. We consider a mixed supply and demand shock, and show that depending on the shock parameters (amplitude and duration),...

This paper studies the problem of a monopolistic platform which offers agents connection with one another. Agents have heterogeneous characteristics that are valued by some other agents and observed privately by the principal. The agents are privately informed about their heterogeneous...

Post Keynesian macrodynamic models make various assumptions about the normal rate of capacity utilization. Those rooted in the Classical and neo-Keynesian traditions assume the normal rate is fixed, whereas Kaleckian models treat it as a variable that is endogenous to the actual rate of capacity...