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Complex Agent-Based Models
  • Language: en
  • Pages: 90

Complex Agent-Based Models

  • Type: Book
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  • Published: 2018-09-19
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  • Publisher: Springer

This book offers a thorough introduction to the highly promising complex agent-based approach to economics, in which agent-based models (ABMs) are used to represent economic systems as complex and evolving systems composed of heterogeneous agents of limited rationality who interact with each other, generating the system’s emergent properties in the process. This approach represents a response to the limitations of the dominant theory in economics, which does not consider the possibility of a major crisis, and to the inability of dynamic stochastic general equilibrium theory to generate empirically falsifiable propositions. In the new perspective, the focus is on identifying the elements of...

Introduction to Agent-Based Economics
  • Language: en
  • Pages: 276

Introduction to Agent-Based Economics

Introduction to Agent-Based Economics describes the principal elements of agent-based computational economics (ACE). It illustrates ACE’s theoretical foundations, which are rooted in the application of the concept of complexity to the social sciences, and it depicts its growth and development from a non-linear out-of-equilibrium approach to a state-of-the-art agent-based macroeconomics. The book helps readers gain a better understanding of the limits and perspectives of the ACE models and their capacity to reproduce economic phenomena and empirical patterns. Reviews the literature of agent-based computational economics Analyzes approaches to agents’ expectations Covers one of the few large macroeconomic agent-based models, the Modellaccio Illustrates both analytical and computational methodologies for producing tractable solutions of macro ACE models Describes diffusion and amplification mechanisms Depicts macroeconomic experiments related to ACE implementations

Economics with Heterogeneous Interacting Agents
  • Language: en
  • Pages: 219

Economics with Heterogeneous Interacting Agents

  • Type: Book
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  • Published: 2016-09-21
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  • Publisher: Springer

This book offers a practical guide to Agent Based economic modeling, adopting a “learning by doing” approach to help the reader master the fundamental tools needed to create and analyze Agent Based models. After providing them with a basic “toolkit” for Agent Based modeling, it present and discusses didactic models of real financial and economic systems in detail. While stressing the main features and advantages of the bottom-up perspective inherent to this approach, the book also highlights the logic and practical steps that characterize the model building procedure. A detailed description of the underlying codes, developed using R and C, is also provided. In addition, each didactic...

Macroeconomics from the Bottom-up
  • Language: en
  • Pages: 130

Macroeconomics from the Bottom-up

This book arose from our conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. The practice of overcoming the SMD result by recurring to a fictitious RA leads to insurmountable methodological problems and lies at the root of DSGE models’ failure to satisfactorily explain real world features, like exchange rate and banking crises, bubbles and herding in financial markets, swings in the sentiment of consumers and entrepreneurs, asymmetries and persistence in aggregate variables, and so on. At odds with this view, our critique rests on the premise that any modern macroeconomy should be modeled instead as a complex system of heterogeneous i...

Agent-Based Models in Economics
  • Language: en
  • Pages: 261

Agent-Based Models in Economics

The first step-by-step introduction to the methodology of agent-based models in economics, their mathematical and statistical analysis, and real-world applications.

Beyond the Representative Agent
  • Language: en
  • Pages: 372

Beyond the Representative Agent

The authors argue for an approach to economic analysis which regards the economy as an interactive system with heterogenous agents and not a system which treats aggregates as some representative individual. They then apply this approach to macro- and micro-analyses including monetary policy and firms, technological innovation and the insider-outsider model. They find that this approach proves more fruitful in explaining empirical phenomena than much of the existing theory.

Emergent Macroeconomics
  • Language: en
  • Pages: 120

Emergent Macroeconomics

This valuable book contributes substantively to the current state-of-the-art of macroeconomics. It provides a method for building models in which business cycles and economic growth emerge from the interactions of a large number of heterogeneous agents. Drawing from recent advances in agent-based computational modeling, the authors show how insights from dispersed fields can be fruitfully combined to improve our understanding of macroeconomic dynamics.

The Distribution of Income and Wealth
  • Language: en
  • Pages: 190

The Distribution of Income and Wealth

  • Type: Book
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  • Published: 2015-12-21
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  • Publisher: Springer

This book presents a systematic overview of cutting-edge research in the field of parametric modeling of personal income and wealth distribution, which allows one to represent how income/wealth is distributed within a given population. The estimated parameters may be used to gain insights into the causes of the evolution of income/wealth distribution over time, or to interpret the differences between distributions across countries. Moreover, once a given parametric model has been fitted to a data set, one can straightforwardly compute inequality and poverty measures. Finally, estimated parameters may be used in empirical modeling of the impact of macroeconomic conditions on the evolution of ...

Interactive Macroeconomics
  • Language: en
  • Pages: 307

Interactive Macroeconomics

This book describes the analysis of macroeconomic agent based models using the tools of statistical mechanics.

The Complex Dynamics of Economic Interaction
  • Language: en
  • Pages: 404

The Complex Dynamics of Economic Interaction

The economy is examined by the authors as a complex interactive system. The emphasis is on the direct interaction between agents rather than on the indirect and autonomous interaction through the market mechanism. Contributions from economists and physicists emphasise the consequences for aggregate behaviour of the interaction between agents with limited rationality. Models of financial markets which exhibit many of the stylised facts of empirical markets such as bubbles, herd behaviour and long memory are presented. This includes contributions on bargaining, buyer-seller relations, the evolution of economic networks and several aspects of macro-economic behaviour. This book will be of interest to all those interested in the foundations of collective social and economic behaviour and in particular, to those concerned with the dynamics of market behaviour and recent applications of physics to economics.