In this paper we introduce a calibration procedure for validating of agent based models. Starting from the well-known financial model of Brock and Hommes 1998, we show how an appropriate calibration enables the model to describe price time series. We formulate the calibration problem as a...

Starting from some regularities of the Boulogne s/mer fish market, the model proposed here shows that in many circumstances the collective behavior may be ‘reasonable’ whereas the individuals may not be so. The properties which are empirically clear at the aggregate level are not necessarily...

We introduce an order driver market model with heterogeneous traders that imitate each other on a dynamic network structure. The communication structure evolves endogenously via a fitness mechanism based on agents performance. We assess under which assumptions imitation, among noise traders, can...

We examine the Boulogne wholesale fish market, analysing the structure of the trading network between sellers and buyers. Differently from other works in the literature, our analysis indicates a significant amount of ‘bilateral loyalty’ seller--buyer. Loyalty is from buyers to a few sellers...

In this paper, we introduce an agent-based model where heterogeneous firms compare and modify their innovation strategies, so generating an evolving network structure. By implementing dynamic behavioral switching via a fitness mechanism based on agents’ performance, companies can endogenously...

In this paper we investigate the sources of instability in credit and financial systems and the effect of credit linkages on the macroeconomic activity. By developing an agent-based model, we analyze the evolving dynamics of the economy as a complex, adaptive and interactive system, which allows...

In this paper we analyze the role of the relationship between investment and finance as the main source of both financial instability and business cycle fluctuations. By building an agent-based model, our aim is to explicitly consider the complex nature of credit markets as strongly interactive...

In this article, we study innovation processes and technological change in an agent-based model. By including a behavioral switching among heterogeneous innovative firms, the model is able to replicate, via simulations, well-known industrial dynamic and growth type stylized facts. The main...