We introduce tools to capture the dynamics of three different pathways, in which the synchronization of human decision-making could lead to turbulent periods and contagion phenomena in financial markets. The first pathway is caused when stock market indices, seen as a set of coupled...

The accumulation of new technological capabilities is of high empirical relevance, both for the development of countries and the business success of firms. In this paper, we aim to delineate strategies how these processes of capability accumulation can be considered more accurately in...

The accumulation of new technological capabilities is of high empirical relevance, both for the development of countries and the business success of firms. In this paper, we aim to delineate strategies how these processes of capability accumulation can be considered more accurately in...

After land prices in Germany increased continuously since 2006, policy makers, representatives of farmers’ unions, NGOs, and farmers started and continued to discuss or propose new land market regulations to stop price increases and to protect particularly smaller farmers. In this paper we...

In this article, cross-border effects of different market design options are analyzed using Switzerland as a case study, which is strongly interconnected to larger neighboring markets. An investigation is conducted with an agentbased model where in one scenario all market designs are represented...

This work nests the Agent-Based macroeconomic perspective into the earlier history of macroeconomics. We discuss how the discipline in the 70's took a perverse path relying on models grounded on fictitious rational representative agent in order to try to pathetically circumvent aggregation and...

We develop a macroeconomic agent-based model to study how financial instability can emerge from the co-evolution of interbank and credit markets and the policy responses to mitigate its impact on the real economy. The model is populated by heterogenous firms, consumers, and banks that locally...

In electricity markets around the world, the substantial increase of intermittent renewable electricity generation has intensified concerns about generation adequacy, ultimately driving the implementation of capacity remuneration mechanisms. Although formally technology-neutral, substantial...

Modeling the diffusion of innovations is a very challenging task, as there are various influencing factors to consider. At the same time, insights into the diffusion process can help decision makers to detect weak points of potential business models. In the literature, various models and...

In this article, cross-border effects of different market design options are analyzed using Switzerland as a case study, which is strongly interconnected to larger neighboring markets. An investigation is conducted with an agentbased model where in one scenario all market designs are represented...

Abstract: Spatially-explicit simulation models are commonly used to study complex ecological and socio-economic research questions. Often these models depend on detailed input data, such as initial land-cover maps to set up model simulations. Here we present the landscape generator EFFortS-LGraf...

After land prices in Germany increased continuously since 2006, policy makers, representatives of farmers' unions, NGOs, and farmers started and continued to discuss or propose new land market regulations to stop price increases and to protect particularly smaller farmers. In this paper we...

This thesis tries to establish first a comprehensive and realistic theoretical system in which trust changes, and then explores different interesting issues using different methods like comparison analysis, econometric analysis and agent-based modeling. The theoretical system restored in this...

After land prices in Germany increased continuously since 2006, policy makers, representatives of farmers' unions, NGOs, and farmers started and continued to discuss or propose new land market regulations to stop price increases and to protect particularly smaller farmers. In this paper we...

Following the global financial crisis, many countries have introduced or tightened macroprudential policies. Using an agentbased model (ABM), this paper seeks to measure the impact on house price cycles of two distinct borrower-based macroprudential instruments, namely loan-to-income and...

In this paper, a level set analysis is proposed which aims to analyze the S&P 500 return with a certain magnitude. It is found that the process of large jumps/drops of return tend to have negative serial correlation, and volatility clustering phenomenon can be easily seen. Then, a nonparametric...

We introduce tools to capture the dynamics of three different pathways, in which the synchronization of human decision-making could lead to turbulent periods and contagion phenomena in financial markets. The first pathway is caused when stock market indices, seen as a set of coupled...

Empirical studies have pointed out that monetary policy may significantly affect income and wealth inequality. To investigate the distributive properties of monetary policy the authors resort to an agent-based macroeconomic model where firms, households and one bank interact on the basis of...

Empirical studies have pointed out that monetary policy may significantly affect income and wealth inequality. To investigate the distributive properties of monetary policy the authors resort to an agent-based macroeconomic model where firms, households and one bank interact on the basis of...

We propose a parsimonious agent-based model of a financial market at the intra-day time scale that is able to jointly reproduce many of the empirically validated stylised facts. These include properties related to returns (leptokurtosis, absence of linear autocorrelation, volatility clustering),...

In this work, we employ an agent-based integrated assessment model to study the likelihood of transition to green, sustainable growth in presence of climate damages. The model comprises heterogeneous fossil-fuel and renewable plants, capital- and consumption-good firms and a climate box linking...

Based on the literature on public procurement regulation, we use an Agent-Based Model to assess the performance of different selection procedures. Specifically, we aim at investigating whether and how the inclusion of reputation of firms in the public procurement selection process affects the...

We investigate masked financial instability caused by wealth inequality. When an economic sector is decomposed into two subsectors that possess a severe wealth inequality, the sector in entirety can look financially stable while the two subsectors possess extreme financially instabilities of...

This paper examines the equilibrium effects of alternative financial aid policies intended to promote college participation. We build an overlapping generations life cycle model with education, labor supply, and consumption/saving decisions. Cognitive and non-cognitive skills of children depend...

In this paper the authors extend the macroeconomic agent-based model described in Delli Gatti, D., Desiderio, S., Gaffeo, E., Cirillo, P. and Gallegati, M. (Macroeconomics from the bottom-up, 2011) with the inclusion of a bank-bank network that mimics real-world dynamics of interbank markets....

Liquidity has its systemic aspect that is frequently neglected in research and risk management applications. We build a model that focuses on systemic aspects of liquidity and its links with solvency conditions accounting for pertinent interactions between market participants in an agent-based...

Within the seminal asset-pricing model by Brock and Hommes (1998), heterogeneous boundedly rational agents choose between a fixed number of expectation rules to forecast asset prices. However, agents' heterogeneity is limited in the sense that they typically switch between a representative...

The extensive harm caused by the financial crisis raises the question of whether policy- makers could have done more to prevent the build-up of financial imbalances. This paper aims to contribute to the field of regulatory impact assessment by taking up the revived debate on whether central...

The aggregate saving indicator does not directly reflect changes in individuals’ microeconomic behavior. From the official statistics’ point of view, households choose between spending, which generates additional income and consumption in the economy, and setting money aside, which does not....

Which level of inflation should Central Banks be targeting? The authors investigate this issue in the context of a simplified Agent Based Model of the economy. Depending on the value of the parameters that describe the behaviour of agents (in particular inflation anticipations), they find a rich...

In this work we develop a set of labour market and fiscal policy experiments upon the labour and credit augmented "Schumpeter meeting Keynes" agent-based model. The labour market is declined under two institutional variants, the "Fordist" and the "Competitive" set-ups meant to capture the...

There is an ongoing debate on the appropriate auction design for competitive electricity balancing markets. Uniform (UPA)and discriminatory price auctions (DPA), the prevalent designs in use today, are assumed to have different properties with regard to prices and effciencies. These properties...

Collaboration on resource sharing advocates a joint usage of resources by multiple parties (actors) to attain mutual benefits. Resource sharing becomes vital when resources under consideration are scarce, challenging, and expensive to attain; as well when they are idle or underutilized. In...