This paper shows how agent-based stochastic approaches can provide a complementary and more flexible approach to study investment incentives and price dynamics in a real options framework. We particularly study the case of two-stage production chains in which one sector produces an intermediate...

Agent-based Policy and Sector Analysis - Perspectives and ChallengesDuring the last decade a new modeling approach, known as agent-based modeling, was developed and made its way into several areas of research. It greatly benefited from rapid developments in computing technology. As for...

Structural Efficiency and Income Effects of Direct PaymentsThe paper analyses various forms of direct payments using the agent-based model AgriPoliS. The model is fitted to the agricultural region 'Hohenlohe' in Baden-Württemberg which is characterised by intensive livestock farming. The...

The use of agent-based modelling approaches in ex-post and ex-ante evaluations of agricultural policies has been progressively increasing over the last few years. There are now a sufficient number of models that it is worth taking stock of the way these models have been developed. Here, we...