The global energy crisis that began in fall 2021 and the following spike in energy price constitute a major challenge for the world economy which risks undermining the post-COVID-19 recovery. In this paper, we develop and validate a new macroeconomic agent-based model with an endogenous energy...

Purpose: This paper aims to explore drivers of the effectiveness of risk assessments in risk workshops. Design/methodology/approach: This study uses an agent-based model to simulate risk assessments in risk workshops. Combining the notions of transactive memory and the ideal speech situation,...

We use an agent-based stock-flow consistent model of a closed economy without technological change that considers different classes of households, status consumption and a Minskyan banking sector to analyze the relationship between rising saving rates, the accumulation and distribution of...

Multi-Criteria Decision Analysis (MCDA) is a sub-discipline of operations research that aims to solve multi-objective optimization problems by evaluating competing factors in decision-making. MCDA supports multidimensional decision-making processes through the analysis of diverse inputs at...

Extreme natural hazards represent, together with crises and wars, the most disruptive phenomena for economic activity. Their economic impact has been shown to be remarkable, long-lasting, and growing over time, though the exact mechanisms at stake are challenging to isolate and quantify. As...

Mobility, pollution, and other barriers against sustainable goods movement are pushing local administrators to seek innovations in urban transportation infrastructure. The urban underground logistics system (ULS) has been recognized as a prospective alternative to realize large-scale automated...

Worldwide, with different frequencies and magnitudes, coastlines are increasingly being affected by climate change hazards. The high urbanization rate, due to economic opportunities and natural amenities, further exacerbates vulnerabilities in these areas, requiring prompt and effective...

We build a parsimonious agent-based model under the adaptive market hypothesis (AMH), which can explain the formation of equilibrium prices and market efficiency dynamics. Our model combines heterogeneous interacting agents, switching behavior, and investor feedback on past realized returns,...

The purpose of this paper is to contribute to a further understanding of the impact of monetary policy shocks on a financial network, which we dub the “financial network channel of monetary policy transmission”. To this aim, we develop an agent-based model (ABM) in which banks extend loans...

In order to explore the impact of information delay and liquidity on the financial market, we propose a delay agent-based model from the perspective of micro evolution in financial market based on the methods of agent-based model and econophysics. Mean escape time and escape rate in econophysics...

The deployment of renewable energy technologies in the home, such as heat pump systems, is increasingly encouraged in many countries to curb climate change and dependence on fossil fuels. However, the adoption process is not well-understood. In this paper, we develop an agent-based model to...

This article deals with nonlinear stochastic uncertain multi-agent systems (MASs) under mixed delays and impulse disturbances and leader-followers and leaderless systems. Based on the Lyapunov Function (LF), stochastic analysis and some inequality scaling skills, asymptotic stability is...

This research proposes an Activity Pattern embedded Air Pollution Exposure Model (AP2EM), based on survey data of when, where, and how people spend their time and indoor/outdoor ratios for microenvironments. AP2EM integrates random forest and agent-based approaches to simulate the stochastic...

We analyze the individual and macroeconomic impacts of heterogeneous expectations and action rules within an agent-based model populated by heterogeneous, interacting firms. Agents have to cope with a complex evolving economy characterized by deep uncertainty resulting from technical change,...

We present first results from a new agent-based model (ABM) of a sports-betting exchange (such as those operated by BetFair, BetDaq, and SMarkets, among other companies) in which each agent holds a dynamically-varying opinion about some uncertain future event (such as which competitor will win a...

The global energy crisis that began in fall 2021 and the following spike in energy price constitute a major challenge for the world economy which risks undermining the post-COVID-19 recovery. In this paper, we develop and validate a new macroeconomic agent-based model with an endogenous energy...

The aim of the paper is to analyze the role of real estate market as dirty money laundering channel for organized crime in Italy. We contribute to the economic literature on house price determinants, providing an agent based model to simulate the price determinants in Italian provincial capital....

This paper addresses the event-triggered consensus tracking control problem of multi-agent systems with unknown dead zones and unknown disturbances, subject to constraints on the agents output. The nonlinear functions are estimated by using the neural networks. Furthermore, a state...

Recently, multi-agent systems (MASs) have got attention due to consideration of distributed optimization and control in blockchain (BC) based energy trading applications. However, due to the dynamic behavior of uncertain and random variables, the coordination and control of MAS is still di cult...

The advent of Industry 4.0 has generated a profound change in the nature of business processes all around the world and the introduction of a concept as digital transformation has greatly affected the supply chain of businesses, including the supply chain of banking services. Thus, it is...

This paper presents an agent-based simulation model of carbon emission trading market with heterogeneous agents. The carbon emission reduction strategies available to agents are production output adjustment strategy, carbon market emissions trading strategy, carbon emission abatement technology...

We propose a distributed randomized policy iteration algorithm for infinite horizon dynamic programming problems for which the control at each stage is m-dimensional. The traditional policy iteration algorithm involves performing a minimization over an m-dimensional constraint set and has a...

Team-competition in multi-agent games is an important setting, where multi-agent actor-critic methods are the state-of-the-art methods. In many such scenarios, the roles for players naturally emerge, thus aiding in collaboration within the teams. However, exiting methods for the team-competition...

The emissions trading scheme (ETS) has become a flagship climatic initiative for regulating greenhouse gas (GHG) emissions. Under an ETS, the emitting firm must simultaneously deal with changing carbon prices and the number of permits and the trade-off between permit trading (if one should buy,...

We propose a behavioral heterogeneous agent New Keynesian model in which monetary policy is amplified through indirect general equilibrium effects, fiscal multipliers can be larger than one and which delivers empirically-realistic intertemporal marginal propensities to consume. Simultaneously,...

This study examines suppliers’ decision-making regarding supply chain ethics and transparency using an agent-based model with Q-learning agents. A supplier may not accurately identify the demand for its product because the impact of supply chain ethics on the market is opaque. Thus, we define...

Experimental and empirical findings suggest that non-pecuniary motivations play a significant role as determinants of taxpayers' decision to comply with the tax authority and shape their perceptions and assessment of the tax code. By contrast, the canonical optimal income taxation model focuses...

What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show...

Building upon the labour-augmented K+S modelling framework (Dosi et al., 2010, 2017, 2020), we address the analysis of the North-South divide by means of an agent-based model (ABM) endogenously reproducing divergence between two artificial macro-regions characterized by identical initial...