While DSGE models have been widely used by central banks for policy analysis, they seem to have been ineffective in calibrating the models for anticipating financial crises. To bring DSGE models closer to real situations, some of researchers have revised the traditional DSGE models. One of the...

We construct an agent-based New Keynesian DSGE model with different social network structures to investigate the significance of network topologies to macroeconomic stability. According to our simulation results, we find that the more liquid the information flow, the higher the stability of the...

In this paper, the authors continue the pursuit of the self-coordination mechanism as studied in the El Farol Bar problem. However, in addition to efficiency (the optimal use of the public facility), they are also interested in the distribution of the public resources among all agents. Hence,...

While DSGE models have been widely used by central banks for policy analysis, they seem to have been ineffective in calibrating the models for anticipating financial crises. To bring DSGE models closer to real situations, some of researchers have revised the traditional DSGE models. One of the...

This paper investigates the relationship between methodological individualism (MI) and Agent-Based Simulation (ABS). We discuss and analyze a thesis defended by philosophers Caterina Marchionni and Petri Ylikoski (2013). The thesis maintains that, since MI is often considered to be a...

In this paper, we extend the classical model, originally built upon the representative agent and the Walrasian market-clearing mechanism, into its heterogeneous-agent and market maker extension, characterized by a market-maker trading mechanism with investors having heterogeneous beliefs of the...

When firms (conglomerates) are competing, not only for the present, with a given population of customers and a fixed set of commodities or service, but also for the future, in which products are constantly evolving, what will be their competitive strategies and what will be the emerging ecology...

This paper investigates the relationship between methodological individualism (MI) and Agent-Based Simulation (ABS). We discuss and analyze a thesis defended by philosophers Caterina Marchionni and Petri Ylikoski (2013). The thesis maintains that, since MI is often considered to be a...

Both laboratory and field evidence suggest that people tend to voluntarily incur costs to punish non-cooperators. While costly punishment typically reduces the average payoff as well as promotes cooperation. Why does the costly punishment evolve? We study the role of punishment in cooperation...

The BoltzmannGibbs distribution is currently widely used in economic modeling. One of the applications is integrated with the DSGE (Dynamic Stochastic General Equilibrium) model. However, a question that arises concerns whether the BoltzmannGibbs distribution can be directly applied, without...