Agent-based economics has emerged to complement analytical and empiricalmethods by allowing for more complex heterogeneity in models. Extending theagent-based global trade model Acclimate with five consumer groups, we studyheterogeneity of market emerging consumption price elasticity in response...

World markets are highly interlinked and local economies extensively rely on global supply and value chains. Consequently, local production disruptions, for instance caused by extreme weather events, are likely to induce indirect losses along supply chains with potentially global repercussions....

We analyse the dynamic behavior of conditional volatility in commodity markets using a novel, manually collected dataset of daily price ranges over a time span of more than 140 years, which allows more precise daily volatility estimates than are otherwise prevalent in the commodity literature....