Showing 1 - 10 of 75
We present results from 50-rounds experimental markets in which firms decide repeatedly both on price and quantity of a perishable good. The experiment is designed to study the price-quantity setting behavior of subjects acting as firms in monopolistic competition. In the implemented treatments...
Persistent link: https://www.econbiz.de/10011099555
We present results from 50-rounds experimental markets in which firms decide repeatedly both on price and quantity of a perishable good. The experiment is designed to study the price-quantity setting behavior of subjects acting as firms in monopolistic competition. In the implemented treatments...
Persistent link: https://www.econbiz.de/10011157201
Two difficulties arise in the estimation of AB models: (i) the criterion function has no simple analytical expression, (ii) the aggregate properties of the model cannot be analytically understood. In this paper we show how to circumvent these difficulties and under which conditions ergodic...
Persistent link: https://www.econbiz.de/10011190658
In this paper we present and discuss a Macroeconomic Agent-Based Model with Capital and Credit (CC-MABM) which builds upon the framework put forward by Delli Gatti et al. (2011). The novelty of this model with respect to the previous framework consists in the introduction of a stylized supply...
Persistent link: https://www.econbiz.de/10011190667
We present results from 50-rounds experimental markets in which firms decide repeatedly both on price and quantity of a perishable good. The experiment is designed to study the price–quantity setting behavior of subjects acting as firms in monopolistic competition. In the implemented...
Persistent link: https://www.econbiz.de/10011190676
Persistent link: https://www.econbiz.de/10010734940
In this paper we provide a critical assessment on how agent based models (ABMs) may improve and extend the traditional theoretical approaches on the origin and evolution of property rights, namely the economics of property rights and the evolutionary game models on contest behavior. We contend...
Persistent link: https://www.econbiz.de/10010734950
Building on the framework put forward by Delli Gatti et al. 2011, in this paper we present and discuss a Macroeconomic Agent-Based Model with Capital and Credit (hereafter CC-MABM). The novelty of this model with respect to the previous framework consists in the introduction of capital goods...
Persistent link: https://www.econbiz.de/10010764279
This paper deals with the problem of analyzing the behavior of an agent-based (AB) model.
Persistent link: https://www.econbiz.de/10010862069
Agent-based (AB) models are considered a promising tool for macroeconomic analysis. However, until estimation of AB models become a common practice, they will not get to the center stage of macroeconomics. Two difficulties arise in the estimation of AB models: (i) the criterion function has no...
Persistent link: https://www.econbiz.de/10010862073