Economics with Heterogeneous Interacting Agents: A Practical by Alessandro Caiani, Alberto Russo, Antonio Palestrini, Mauro PDF

By Alessandro Caiani, Alberto Russo, Antonio Palestrini, Mauro Gallegati

ISBN-10: 331944056X

ISBN-13: 9783319440569

ISBN-10: 3319440586

ISBN-13: 9783319440583

This booklet deals a pragmatic consultant to Agent established financial modeling, adopting a “learning via doing” method of support the reader grasp the basic instruments had to create and study Agent established types. After offering them with a simple “toolkit” for Agent established modeling, it current and discusses didactic versions of actual monetary and fiscal structures intimately.

While stressing the most beneficial properties and benefits of the bottom-up standpoint inherent to this strategy, the publication additionally highlights the common sense and useful steps that signify the version development method. an in depth description of the underlying codes, constructed utilizing R and C, is usually supplied. moreover, each one didactic version is followed through routines and purposes designed to advertise lively studying at the a part of the reader. Following an identical procedure, the publication additionally provides numerous complementary instruments required for the research and validation of the types, akin to sensitivity experiments, calibration routines, financial community and statistical distributions analysis.

By the tip of the e-book, the reader can have won a deeper realizing of the Agent dependent method and be ready to take advantage of the elemental concepts required to begin constructing their very own fiscal models.

as a result, “Economics with Heterogeneous Interacting brokers” might be of specific curiosity to graduate and postgraduate scholars, in addition to to educational associations and teachers attracted to together with an outline of the AB method of monetary modeling of their courses.

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Additional info for Economics with Heterogeneous Interacting Agents: A Practical Guide to Agent-Based Modeling

Example text

For instance, the matrix A is a nr ow ∗ ncol matrix where all elements are equal to 1, while the matrix B is a nr ow ∗ ncol matrix where all elements are equal to 0; instead, the initial conditions for Z are such that each element of this matrix is picked at random from a uniform distribution with support (Pbar , Pbar + 2). All the matrices allocated, but Y Y , refer to firms’ variables: each of these matrices has 1 column (ncol = 1) and N i rows (now = N i, that is the number of firms we inserted above).

If the supply available at the cheapest asking price is not sufficiently large to fulfill his order, the agent buys all the quantity available at the asking price and then moves on to check the second lowest asking price, iterating the process until he has no more good to buy, or there are no more good for sale among sellers the buyer links with. If the order can only be partially filled, the buyer is rationed. Sellers deal with buyers on a “first come, first served” basis. This market is characterized by a continuous decentralized search, generating 28 E.

Out-of-equilibrium dynamics. Due to the absence of any exogenously imposed market-clearing mechanism, the economy is allowed to self-organize towards a spontaneous order with persistent involuntary unsold good and excess individual demands. The market price, used in this model, corresponds to a classic Paasche index. For qi each day t: p¯ t = Ni=1 ( pti ( N t q i ), where pti is given by the price at which a transaci=1 t tion occurs, qti the quantity sold in that transaction, and N the number of transactions made in t.

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Economics with Heterogeneous Interacting Agents: A Practical Guide to Agent-Based Modeling by Alessandro Caiani, Alberto Russo, Antonio Palestrini, Mauro Gallegati

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