Relevant bibliographies by topics / Models of an economic agent

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  2. Dissertations / Theses
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Academic literature on the topic 'Models of an economic agent'

Author: Grafiati
Published: 25 July 2024
Last updated: 29 July 2024

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Journal articles on the topic "Models of an economic agent"

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Chen, Shu-Heng, Chia-Ling Chang, and Ye-Rong Du. "Agent-based economic models and econometrics." Knowledge Engineering Review 27, no. 2 (2012): 187–219. http://dx.doi.org/10.1017/s0269888912000136.

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AbstractThis paper reviews the development of agent-based (computational) economics (ACE) from an econometrics viewpoint. The review comprises three stages, characterizing the past, the present, and the future of this development. The first two stages can be interpreted as an attempt to build the econometric foundation of ACE, and, through that, enrich its empirical content. The second stage may then invoke a reverse reflection on the possible agent-based foundation of econometrics. While ACE modeling has been applied to different branches of economics, the one, and probably the only one, which is able to provide evidence of this three-stage development is finance or financial economics. We will, therefore, focus our review only on the literature of agent-based computational finance, or, more specifically, the agent-based modeling of financial markets.
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Dawid, Herbert, and Michael Neugart. "Agent-based Models for Economic Policy Design." Eastern Economic Journal 37, no. 1 (2010): 44–50. http://dx.doi.org/10.1057/eej.2010.43.

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Fagiolo, G., and A. Roventini. "On the Scientific Status of Economic Policy: A Tale of Alternative Paradigms." Voprosy Ekonomiki, no. 6 (June 20, 2009): 24–47. http://dx.doi.org/10.32609/0042-8736-2009-6-24-47.

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The article considers and compares two modern approaches to the scientific foundation of economic policy. The first one is a part of mainstream economics and involves developing dynamic stochastic general equilibrium models for analyzing business cycles and exogenous monetary shocks. The second one (which the authors prefer) is a creation of "agent-based models" with more realistic assumptions on the behavior and interactions of agents, absence of equilibrium and analytical solutions, but with computer simulations. The article criticizes an equilibrium approach, describes some results of application of agent-based computational economics to the analysis of economic policy and mentions some difficulties arising whenever this new theoretical paradigm is applied.
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Richmond, Peter, and Lorenzo Sabatelli. "Langevin processes, agent models and socio-economic systems." Physica A: Statistical Mechanics and its Applications 336, no. 1-2 (2004): 27–38. http://dx.doi.org/10.1016/j.physa.2004.01.007.

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Tsyplakov, Alexander A. "Agent-Based Modeling of Spatial Economic Systems: а Review". Journal of Siberian Federal University. Humanities & Social Sciences 14, № 12 (2021): 1910–19. http://dx.doi.org/10.17516/1997-1370-0869.

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The paper describes the current state of agent-based modeling of geographical space and spatial economic systems. We explore reasons why this approach to modeling spatial phenomena is of particular interest. Agent-based models (ABMs) allow accounting for agents’ spatial heterogeneity, the existing structure of the space, locality of interactions between agents. A survey of approaches to introducing space into the models and examples of the existing spatial models is presented. There is a great variety of spatial ABMs, but they relate predominantly to the local and city level, rather than to the economy as a whole. Spatial ABMs at the level of large regions and countries are not yet sufficiently developed, but have good prospects in the future. With increasing availability of geodata and technological development in general the number of applications and coverage of spatial ABM will grow
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Bragin, Alexey. "Algorithm for Generating Random Vectors in Economic models." Artificial societies 19, no. 1 (2024): 0. http://dx.doi.org/10.18254/s207751800029906-5.

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The initial step in constructing a multi-agent population model is the construction of a set of agent objects, the attributes of which will be distributed in accordance with statistical data about the real population, the model of which is to be built. These attributes, depending on the type of model, may include geographic location, social connections, employment, education, and income level, but the common point is that such data are often frequency tables of certain levels of classification of the values of individual traits of individuals in a population. Each table characterizes the distribution of one random variable. Each agent should be assigned attribute values according to these distributions. Unlike other models that have been closely related to specific agent environments, this paper presents a generalized approach that offers a universal tool for assigning agent attributes that can be easily integrated into various modeling scenarios. This stage of modeling can be performed using a generator of pseudo-random vectors. The distribution of element values in each position will correspond to the given frequency tables. The article addresses the issues of developing an algorithm for such a generator, assessing its accuracy and efficiency, as well as demonstrating its application using several examples.
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Trinidad Segovia, Juan E., Fabrizio Di Sciorio, Raffaele Mattera, and Maria Spano. "A Bibliometric Analysis on Agent-Based Models in Finance: Identification of Community Clusters and Future Research Trends." Complexity 2022 (September 15, 2022): 1–11. http://dx.doi.org/10.1155/2022/4741566.

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Agent-based models are computational approaches used to reproduce the interactions between economic agents. These models are widely applied in many contexts to get deeper understanding about agents’ behaviors within complex systems. In this paper, we provide a bibliometric analysis about agent-based models in finance and, considering bibliographic coupling, we identify the presence of two distinct clusters of research communities, i.e., financial economics and econophysics. Cluster-specific thematic analyses are conducted to understand if the two communities are characterized by different emerging and motor topics. By highlighting several differences in the clusters, we also show the two research communities specialized in different specific topics.
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Wolf, Sarah, Jean-Philippe Bouchaud, Federico Cecconi, et al. "Describing economic agent-based models – Dahlem ABM documentation guidelines." Complexity Economics 2, no. 1 (2013): 63–74. http://dx.doi.org/10.7564/13-coec12.

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McAdams, David. "The Blossoming of Economic Epidemiology." Annual Review of Economics 13, no. 1 (2021): 539–70. http://dx.doi.org/10.1146/annurev-economics-082120-122900.

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Infectious diseases, ideas, new products, and other infectants spread in epidemic fashion through social contact. The COVID-19 pandemic, the proliferation of fake news, and the rise of antimicrobial resistance have thrust economic epidemiology into the forefront of public policy debate and reinvigorated the field. Focusing for concreteness on disease-causing pathogens, this review provides a taxonomy of economic-epidemic models, emphasizing both the biology/immunology of the disease and the economics of the social context. An economic epidemic is one whose diffusion through the agent population is generated by agents’ endogenous behavior. I highlight properties of the equilibrium epidemic trajectory and discuss ways in which public health authorities can change the game for the better by ( a) imposing restrictions on agent activity to reduce the harm done during a viral outbreak and ( b) enabling diagnostic-informed interventions to slow or even reverse the rise of antibiotic resistance.
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IRLE, ALBRECHT, JONAS KAUSCHKE, THOMAS LUX, and MISHAEL MILAKOVIĆ. "SWITCHING RATES AND THE ASYMPTOTIC BEHAVIOR OF HERDING MODELS." Advances in Complex Systems 14, no. 03 (2011): 359–76. http://dx.doi.org/10.1142/s0219525911002949.

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Markov chains have experienced a surge of economic interest in the form of behavioral agent-based models that aim at explaining the statistical regularities of financial returns. We review some of the relevant mathematical facts and show how they apply to agent-based herding models, with the particular goal of establishing their asymptotic behavior since several studies have pointed out that the ability of such models to reproduce the stylized facts hinges crucially on the size of the agent population (typically denoted by N), a phenomenon that is also known as N-dependence. Our main finding is that N-(in)dependence traces back to both the topology and the velocity of information transmission among heterogeneous financial agents.
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Dissertations / Theses on the topic "Models of an economic agent"

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Teglio, Andrea. "From agent-based models to artificial economies." Doctoral thesis, Universitat Jaume I, 2011. http://hdl.handle.net/10803/83303.

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The aim of this thesis is to propose and illustrate an alternative approach to economic modeling and policy design that is grounded in the innovative field of agent-based computational economics (ACE). The recent crisis pointed out the fundamental role played by macroeconomic policy design in order to preserve social welfare, and the consequent necessity of understanding the effects of coordinated policy measures on the economic system. Classic approaches to macroeconomic modeling, mainly represented by dynamic stochastic general equilibrium models, have been recently criticized for they difficulties in explaining many economic phenomena. The absence of interaction among heterogeneous agents, along with their strong rationality, are two of the main of criticisms that emerged, among others. Actually, decentralized market economies consist of large numbers of economic agents involved in local interactions and the aggregated macroeconomic trends should be considered as the result of these local interactions. The approach of agent-based computational economics consists in designing economic models able to reproduce the complicated dynamics of recurrent chains connecting agent behaviors, interaction networks, and to explain the global outcomes emerging from the bottom-up. The work presented in this thesis tries to understand the feedback between the microstructure of the economic model and the macrostructure of policy design, investigating the effects of different policy measures on agents behaviors and interactions. In particular, the attention is focused on modeling the relation between the financial and the real sides of the economy, linking the financial markets and the credit sector to the markets of goods and labor. The model complexity is increasing with the different chapters. The agent-based models presented in the first part evolve to a more complex object in the second part, becoming a sort of complete ``artificial economy''. The problems tackled in the thesis are various and go from the investigation of the equity premium puzzle, to study of the effects of classic monetary policy rules (as the Taylor rule) or to the study of the macroeconomic implications of bank's capital requirement or quantitative easing.
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Šalamon, Tomáš. "Development of Agent-based Models for Economic Simulation." Doctoral thesis, Vysoká škola ekonomická v Praze, 2005. http://www.nusl.cz/ntk/nusl-77101.

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This thesis is about the development of agent-based models that are a method of simulation of economic processes and environments using multi-agent systems. Agent-based modeling seems to be an unappreciated approach that is expected and has a potential for a much wider application than it actually has. The purpose of thiswork is to evaluate the reasons for such situation and to offer solutions. The following were identified among the reasons for a low utilization of the method: a wide gap between theory and practice in the field, doubtful reliability of the method, lowconfidence in its results, complexity, missing methodologies, problems with suitable development frameworks, limitations of computational performance, a lack of awareness among the public and certain other problems. Agentology; (i.e. a methodology for the development of agent-based models) was proposed in this thesis in order to address issues regarding the development of agent-based models. There are six defined roles of project participants in the methodology: expert, analyst, modeler, platform specialist, programmer and tester. The design and development process consists of four phases and nine steps beginning with task formulation, conceptual modeling, and platformspecific modeling to the development of the system. For the design phases, agent modeling language for agent-based models was derived.
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Jiang, Wei. "Essays on fiscal policy in heterogeneous agent models." Thesis, University of Glasgow, 2013. http://theses.gla.ac.uk/4148/.

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This thesis consists of three inter-related chapters designed to study the effects of fiscal policy on unemployment, the distribution of income, and social welfare in heterogeneous agent models incorporating unemployment. Each chapter employs a different setup for unemployment in a general equilibrium framework. These include models of equilibrium unemployment, right-to-manage union bargaining, and search and matching. Chapter 1 develops a model with equilibrium unemployment to study the effects of optimal taxation under commitment. Two models are explored: a model with zero economic profits and a model with non-zero economic profits due to the presence of productive public investment. We find that the optimal policy in these two models results in a different labour wedge which defines the gap between the marginal rate of substitution between labour and consumption and the marginal product of labour. In particular, the labour wedge can only be completely eliminated when the profits are absent from the model. It is further demonstrated that there exists a trade-off between efficiency and equity for the government in the model with non-zero economic profits. Chapter 2 examines the importance of imperfect competition in labour and product markets in determining the welfare effects of tax reforms assuming agent heterogeneity in capital holdings. The analysis shows that each of these market distortions, independently, results in welfare losses for at least one segment of the population after a capital tax cut and a concurrent labour tax increase. However, with both present in the model, the tax reform is Pareto improving in a realistic calibration to the UK economy. Chapter 3 extends a Mortensen-Pissarides search-and-matching framework with household heterogeneity to investigate the importance of search frictions in determining the welfare and distributional effects of tax reforms which re-allocate the tax burden from capital to labour income. The optimal tax policy under commitment is also analysed. We find that the tax reforms are Pareto improving in the long run, despite welfare losses for at least one segment of the population in the transition period. Finally, the long-run Ramsey policy implies a negative capital tax which is associated with a rise in the labour tax and a fall in the unemployment benefit.
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Silvestre, Joao Alexandre Parreira. "Agent-Based models in macroeconomics." Doctoral thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20604.

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Doutoramento em Economia<br>A crise financeira de 2007/2008 desencadeou uma onda de críticas à teoria económica. Ataques baseados em quatro críticas principais: os economistas não terem previsto a maior crise desde a Grande Depressão; as autoridades deixarem formar bolhas sem controlo; o falhanço da supervisão bancária; e os modelos usados serem desfasados da realidade. No caso dos modelos, o alvo principal são os modelos DSGE (dinâmicos, estocásticos e de equilíbrio geral) e duas das suas hipóteses simplificadoras: o agente representativo e a racionalidade. As economias são realidades complexas, não-lineares e heterogéneas, e o recurso a métodos computacionais pode ser uma alternativa para ultrapassar as limitações dos modelos tradicionais. O objectivo desta tese é alargar a aplicação dos modelos de agentes em Macroeconomia com três exemplos distintos. O primeiro é um modelo de crescimento endógeno, de gerações sobrepostas, em que a decisão dos agentes sobre estudar é baseada na satisfação e na influência dos seus pares. É usado para testar os efeitos de longo prazo do paradoxo de Easterlin, que sugere que a satisfação e o rendimento não têm uma relação linear. Verifica-se que, no cenário de Easterlin, o crescimento é menor do que no cenário base onde os agentes atribuem igual importância ao rendimento absoluto e relativo. O segundo modelo visa avaliar o contágio dos defaults da dívida pública e a forma como as estratégias dos governos afetam o seu aparecimento e propagação. As simulações mostram que os países mais gastadores e com menor aversão ao risco tendem a entrar mais vezes em default e que políticas monetárias muito expansionistas podem originar fenómenos de risco moral. No terceiro modelo, estudamos o fenómeno da ‘fuga de cérebros’ e as consequências no crescimento económico. Concluímos que o efeito positivo do brain drain na acumulação de capital humano depende fortemente da probabilidade de emigrar.<br>The 2007/2008 financial crisis triggered a wave of criticism of the economic theory. These attacks are based in four main critics: economists had not foreseen the biggest crisis since the Great Depression; authorities let bubbles form without control; weak banking supervision; and the models used in macroeconomic policy being out of touch with reality. In the particular case of the macroeconomic models, the target are the DSGE models (dynamic, stochastic and general equilibrium) and their two simplifying hypotheses: the representative agent and rationality. Economies are complex realities, with nonlinearities and heterogeneities, and computational economics can be an advantageous alternative to overcome the shortcomings of the traditional models. The aim of this thesis is to extend the application of agent-based models to macroeconomic topics in three distinct models. The first one is an endogenous growth model, in an overlapping generations environment, in which the agents' individual decision to study is based on the satisfaction of their peers. It is used to evaluate the long-term effects of the Easterlin paradox, which states that satisfaction and income have a non-linear relation. The second model is used to study sovereign default contagion in order to assess how different government strategies affect default and propagation across countries. Simulations showed that high spending and low risk aversion levels are associated to a high prevalence of default and that monetary stimulus can create moral hazard problems. In the third model, we study the brain drain phenomenon and its economic growth effects. We conclude that beneficial brain hypothesis depend heavily on emigration probability.<br>info:eu-repo/semantics/publishedVersion
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Wan, Hakman Alberick. "On the agent market model of stock markets." Thesis, University of Sunderland, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.288016.

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Banerjee, Anindya. "Information and contracts : a study of principal-agent relationships." Thesis, University of Oxford, 1987. http://ora.ox.ac.uk/objects/uuid:62b32d23-b43f-4a1a-a4e0-8185e3104ecd.

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This thesis is concentrated broadly in the field of mathematical industrial economics and more specifically upon what is known in the literature as principal-agent relationships. It focuses on investigating the nature of optimal contracts between, say, owners of the firm and the manager appointed by them to run the affairs of the firm or yet again between the owners and the workers employed in the firm. Chapter 1 introduces by first establishing the background of the analysis and then summarising the results of the thesis. The background consists mainly of implicit contract models, both of the symmetric and asymmetric information kind, and models of moral-hazard. The results of the thesis are contained in four chapters following the introduction. Chapters 2 and 3 are concerned primarily with the use made of principal agent models in the asymmetric-information implicit contract literature. This literature attempts to explain involuntary unemployment by showing that the inefficiency generated by the asymmetry in information between the principal (firm) and the workers (agent) manifests itself in employment lower than the efficient level. We show instead that results are altered in quite striking ways depending not only on the eventual asymmetry of information but also the asymmetry prevailing, say, when the agent takes his action, but before production occurs. Chapter 4 makes the case in favour of using the first-order approach in solving principal-agent models by proposing a weakening of the sufficient conditions which make this approach valid. Such weakening extends the range of cases - given by particular configurations of utility and density functions - for which the analytical convenience of the first-order approach may be utilised. Chapter 5 uses moral-hazard models and the first-order approach to answer the specific question "Should owner-managed firms with limited liability be taxed a higher rate than similar firms with unlimited liability?". The answer is "Yes, but only under certain conditions". Chapter 6 summarises and draws together the various strands of the arguments presented in the thesis.
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Safarzynska, Karolina, Roy Brouwer, and Marjan Hofkes. "Evolutionary modelling of the macro-economic impacts of catastrophic flood events." Elsevier, 2013. http://dx.doi.org/10.1016/j.ecolecon.2013.01.016.

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This paper examines the possible contribution of evolutionary economics to macro-economic modelling of flood impacts to provide guidance for future economic risk modelling. Most macro-economic models start from a neoclassical economic perspective and focus on equilibrium outcomes, either in a static or dynamic way, and describe economic processes at a high level of aggregation. As a consequence, they typically fail to account for the complexity of social interactions and other behavioural responses of consumers and producers to disasters, which may affect the macroeconomic impacts of floods. Employing evolutionary principles and methods, such as agent-based modelling, may help to address some of the shortcomings of current macro-economic models. We explore and discuss the implications of applying consumer and producer heterogeneity, bounded rationality, network effects, social and technological learning, co-evolution and adaptive policy-making concepts into existing economic frameworks for the assessment of macro-economic impacts of floods. (authors' abstract)
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RIZZATI, MASSIMILIANO CARLO PIETRO. "Heterogeneity in Space: An Agent-based Economic Geography model." Doctoral thesis, Università degli Studi di Milano-Bicocca, 2018. http://hdl.handle.net/10281/241299.

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Questa Tesi vuole arricchire la letteratura della Geografia Economica indagando il caso di agenti eterogenei che operano con razionalità limitata in strutture spaziali complesse. Nel primo capitolo, propongo un modello macroeconomico Agent-based flessibile, dotato di famiglie e imprese che interagiscono su un determinato network spaziale. L'euristica delle decisioni degli agenti incorpora e riproduce le caratteristiche solitamente utilizzate nei modelli di Economia Geografica tradizionale, come trasferimenti e migrazione, commercio, e costi di trasporto. Ciò consente di verificare l'emergere e la stabilità delle configurazioni agglomerate da parte degli agenti economici. La flessibilità della struttura spaziale, che consiste in un network di posizioni fornite nella calibrazione iniziale del modello, consente di verificare i risultati sopra un'ampia varietà di strutture spaziali, potenzialmente realistiche. Nel secondo capitolo, estendo il modello precedente per l'analisi delle politiche pubbliche locali. In questo lavoro metto alla prova diverse misure di intervento locale in diversi scenari ispirati dalla teoria che si sono dimostrati difficili da affrontare in strutture dinamiche con più regioni e con agenti dalla razionalità limitata. Questi includono diverse forme di concorrenza fiscale e di spesa pubblica. Nell'estensione proposta, le posizioni vengono trattate come agenti attivi e possono impostare la riscossione delle imposte locali e l'utilizzo delle entrate in base ad euristiche adattative. Inoltre, analizzo le stesse misure su una struttura spaziale asimmetrica e realisticamente calibrata. Mentre i risultati dovrebbero essere ulteriormente affinati prima di essere considerati robusti, le politiche pubbliche investigate sembrano causare una maggiore volatilità della produzione aggregata e del tasso di disoccupazione. Cambiare la struttura spaziale influisce sui risultati.<br>This dissertation wants to enrich the Economic Geography literature by investigating the case of heterogeneous agents operating under bounded rationality in complex spatial structures. In the first Chapter, I propose a flexible macroeconomic Agent-based model endowed with Households and Firms interacting on a given spatial network. The agents’ decision heuristics embed and reproduce the features usually employed in mainstream Economic Geography models, as relocation, migration, trade and transportation costs. This permits to check the emergence and stability of agglomerated configurations by the economic agents. The flexibility of the spatial structure, which consists in a network of locations provided in the initial calibration of the model, allows to check the results on a wide variety of spatial environments, including realistic ones. In the second Chapter, I extend the previous model for the analysis of Local policy. In this work I test different local policy measures under different theoretically-inspired scenarios which have been proven difficult to be compared in structures with multiple regions, bounded rationality and a dynamic setting. These include different forms of tax competition and of public spending. In the proposed extension Locations are treated as active agents and can set their local tax collection and revenues usage according to adaptive heuristics. Moreover, I test the same measures on an asymmetric and realistically calibrated spatial structure. While the results should be further refined before being taken as robust, the investigated policies seem to cause enhanced volatility of aggregate production and of unemployment rate. Changing the spatial structure affects the results.
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Perry, Stanley Foster. "Distributed Economic Systems with Agents that Learn." PDXScholar, 1992. https://pdxscholar.library.pdx.edu/open_access_etds/1271.

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Economic systems are distributed in the sense that economic agents make decisions without any central control. Prices, quantities, wealth, and market structure emerge from the interaction of agents acting in their own self interest. The concepts and language of systems science are used to define economic systems in a manner that captures and articulates the distributed nature of economic systems. Further, the systems definition permits multiple views of the economic system, and in addition, allows the agents to "step outside" the system in order to study it. Economic systems are defined in such a way that it is feasible to construct artificial economic systems, and in particular, ones that are composed of self-interested agents that operate according to principles that are prescribed by the researcher. An artificial economic system was actually constructed and tested in a computer environment. The model was verified with reference to several theoretical models such as static and adaptive expectations. The system constructed allows up to 1000 agents to interact without any central control. A computer "blackboard system" is used as the architecture for providing common information to the agents in the artificial economic system. The blackboard design successfully allows complex agents to compete and trade in an artificial economic system created by the researcher. Prices, quantities, wealth, and market structure emerge naturally in the artificial economy that depend on the characteristics and prescribed strategies of the agents in the system. After a transition period, the trading frequently produces price and quantity time series that have the characteristics of a random walk, a condition that is well known in real world markets. Three classes of producer agents were used in these artificial economic systems: optimizing agents that incorporate neural networks, satisficing agents that incorporate very simple rule-based approaches, and Stackelberg agents that have knowledge about the consumers in the system, but do not have knowledge about their competitor's strategies or intentions. Neural networks are used to model the behavior and strategies of economic agents that can be said to learn, i.e., those agents that develop general principles for adapting to changing market conditions that transfer across markets. The focus of this research was on the producers in the system. The consumption side of the economic system was represented by a set of simple consumers. An important result emerging from this research is that at least one agent out of four in these experiments with accurate knowledge about market demand increases the wealth of the system as a whole. Markets containing a single Stackelberg or neural agent produced far more wealth than markets composed only of satisficing agents. However, the agents with knowledge do not necessarily capture the highest share of the wealth. The success of individual agents depends on the agent's trading strategy, as expected, and in addition depends on the combination of agents in the system. Certain strategies appeared to be flexible while others were brittle, and were easily foiled by changing the agents in the market, or by changing the market conditions. Earlier studies attempted to use neural networks to simulate an entire economic system, but were rejected because the organizing principles of the two systems are not analogous. Additionally, neural networks were successfully tested for solving various economics problems that were not related to the simulation of economic systems. Neural networks were found to effectively solve problems with missing and redundant data that are not directly solvable with well known methods such as least squares.
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Tindall, Nathaniel W. "Analyses of sustainability goals: Applying statistical models to socio-economic and environmental data." Diss., Georgia Institute of Technology, 2014. http://hdl.handle.net/1853/54259.

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This research investigates the environment and development issues of three stakeholders at multiple scales—global, national, regional, and local. Through the analysis of financial, social, and environmental metrics, the potential benefits and risks of each case study are estimated, and their implications are considered. In the first case study, the relationship of manufacturing and environmental performance is investigated. Over 700 facilities of a global manufacturer that produce 11 products on six continents were investigated to understand global variations and determinants of environmental performance. Water, energy, carbon dioxide emissions, and production data from these facilities were analyzed to assess environmental performance; the relationship of production composition at the individual firm and environmental performance were investigated. Location-independent environmental performance metrics were combined to provide both global and local measures of environmental performance. These models were extended to estimate future water use, energy use, and greenhouse gas emissions considering potential demand shifts. Natural resource depletion risks were investigated, and mitigation strategies related to vulnerabilities and exposure were discussed. The case study demonstrated how data from multiple facilities can be used to characterize the variability amongst facilities and to preview how changes in production may affect overall corporate environmental metrics. The developed framework adds a new approach to account for environmental performance and degradation as well as assess potential risk in locations where climate change may affect the availability of production resources (i.e., water and energy) and thus, is a tool for understanding risk and maintaining competitive advantage. The second case study was designed to address the issue of delivering affordable and sustainable energy. Energy pricing was evaluated by modeling individual energy consumption behaviors. This analysis simulated a heterogeneous set of residential households in both the urban and rural environments in order to understand demand shifts in the residential energy end-use sector due to the effects of electricity pricing. An agent-based model (ABM) was created to investigate the interactions of energy policy and individual household behaviors; the model incorporated empirical data on beliefs and perceptions of energy. The environmental beliefs, energy pricing grievances, and social networking dynamics were integrated into the ABM model structure. This model projected the aggregate residential sector electricity demand throughout the 30-year time period as well as distinguished the respective number of households who only use electricity, that use solely rely on indigenous fuels, and that incorporate both indigenous fuels and electricity. The model is one of the first characterizations of household electricity demand response and fuel transitions related to energy pricing at the individual household level, and is one of the first approaches to evaluating consumer grievance and rioting response to energy service delivery. The model framework is suggested as an innovative tool for energy policy analysis and can easily be revised to assist policy makers in other developing countries. In the final case study, a framework was developed for a broad cost-benefit and greenhouse gas evaluation of transit systems and their associated developments. A case study was developed of the Atlanta BeltLine. The net greenhouse gas emissions from the BeltLine light rail system will depend on the energy efficiency of the streetcars themselves, the greenhouse gas emissions from the electricity used to power the streetcars, the extent to which people use the BeltLine instead of driving personal vehicles, and the efficiency of their vehicles. The effects of ridership, residential densities, and housing mix on environmental performance were investigated and were used to estimate the overall system efficacy. The range of the net present value of this system was estimated considering health, congestion, per capita greenhouse gas emissions, and societal costs and benefits on a time-varying scale as well as considering the construction and operational costs. The 95% confidence interval was found with a range bounded by a potential loss of $860 million and a benefit of $2.3 billion; the mean net present value was $610 million. It is estimated that the system will generate a savings of $220 per ton of emitted CO2 with a 95% confidence interval bounded by a potential social cost of $86 cost per ton CO2 and a savings of $595 per ton CO2.
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Books on the topic "Models of an economic agent"

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LeBaron, Blake, and Peter Winker, eds. Agent Based Models for Economic Policy Advice. De Gruyter, 2008. http://dx.doi.org/10.1515/9783110508840.

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Bakhtizin, A. R. Agent-orientirovannye modeli ėkonomiki. Ėkonomika, 2008.

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Bakhtizin, A. R. Agent-orientirovannye modeli ėkonomiki. Ėkonomika, 2008.

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1963-, Luna Francesco, and Stefansson Benedikt, eds. Economic simulations in Swarm: Agent-based modelling and object oriented programming. Kluwer Academic, 2000.

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Zhang, Weiying. A principal-agent theory of the public economy. City University of Hong Kong, Department of Economics and Finance, 1997.

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International Workshop on Agent-Based Approaches in Economic and Social Complex Systems (1st 2001 Matsue-shi, Japan). Agent-based approaches in economic and social complex systems. IOS Press, 2002.

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Santa Fe Institute (Santa Fe, N.M.), ed. Agent-based modeling: The Santa Fe Institute artificial stock market model revisited. Springer, 2008.

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1963-, Luna Francesco, and Perrone Alessandro, eds. Agent-based methods in economics and finance: Simulations in Swarm. Kluwer Academic Publishers, 2002.

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1947-, Laffont Jean-Jacques, ed. The principal agent model: The economic theory of incentives. E. Elgar Pub., 2003.

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Domenico, Delli Gatti, ed. Emergent macroeconomics: An agent-based approach to business fluctuations. Springer, 2008.

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Book chapters on the topic "Models of an economic agent"

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Maialeh, Robin. "Who Are Agents in Agent-Based Economic Models?" In Dynamic Models and Inequality. Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-46313-7_4.

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Chakraborti, Anirban, and Guido Germano. "Agent-based models of economic interactions." In Mathematical Modeling of Collective Behavior in Socio-Economic and Life Sciences. Birkhäuser Boston, 2010. http://dx.doi.org/10.1007/978-0-8176-4946-3_1.

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Page, Scott E. "Agent-Based Models." In The New Palgrave Dictionary of Economics. Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/978-1-349-95121-5_1992-1.

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Page, Scott E. "Agent-Based Models." In The New Palgrave Dictionary of Economics. Palgrave Macmillan UK, 2018. http://dx.doi.org/10.1057/978-1-349-95189-5_1992.

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Cristelli, Matthieu, Andrea Tacchella, and Luciano Pietronero. "An Overview of the New Frontiers of Economic Complexity." In Econophysics of Agent-Based Models. Springer International Publishing, 2014. http://dx.doi.org/10.1007/978-3-319-00023-7_8.

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Dawid, Herbert, Karl Doerner, Richard F. Hartl, et al. "Neural Networks in Agent-Based Economic Modeling." In Quantitative Models of Learning Organizations. Springer Vienna, 2002. http://dx.doi.org/10.1007/978-3-7091-6158-6_7.

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Osborne, Martin J., and Ariel Rubinstein. "A market with asymmetric information." In Models in Microeconomic Theory, 2nd ed. Open Book Publishers, 2023. http://dx.doi.org/10.11647/obp.0361.14.

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This chapter discusses an equilibrium concept that differs from the notions of competitive equilibrium discussed in Chapters 9–12. The models in the earlier chapters specify the precise set of economic agents who operate in the market, and an equilibrium specifies the terms of trade (prices) for which the aggregate demand and supply of these agents are equal. The model we study in this chapter does not explicitly specify the set of agents. As a consequence, the equilibrium notion is more abstract. A set of contracts is an equilibrium if no agent who offers a contract wants to withdraw it, and no agent can profit by adding a contract. We illustrate the concept by applying it to a model central to the economics of information. The problems at the end of the chapter demonstrate the use of the concept to study other economic interactions.
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Osborne, Martin J., and Ariel Rubinstein. "A market with asymmetric information." In Models in Microeconomic Theory, 2nd ed. Open Book Publishers, 2023. http://dx.doi.org/10.11647/obp.0362.14.

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This chapter discusses an equilibrium concept that differs from the notions of competitive equilibrium discussed in Chapters 9–12. The models in the earlier chapters specify the precise set of economic agents who operate in the market, and an equilibrium specifies the terms of trade (prices) for which the aggregate demand and supply of these agents are equal. The model we study in this chapter does not explicitly specify the set of agents. As a consequence, the equilibrium notion is more abstract. A set of contracts is an equilibrium if no agent who offers a contract wants to withdraw it, and no agent can profit by adding a contract. We illustrate the concept by applying it to a model central to the economics of information. The problems at the end of the chapter demonstrate the use of the concept to study other economic interactions.
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Gallegati, Mauro. "The Crisis of Economics." In Complex Agent-Based Models. Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-93858-5_2.

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Squartini, Tiziano, and Diego Garlaschelli. "Jan Tinbergen’s Legacy for Economic Networks: From the Gravity Model to Quantum Statistics." In Econophysics of Agent-Based Models. Springer International Publishing, 2014. http://dx.doi.org/10.1007/978-3-319-00023-7_9.

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Conference papers on the topic "Models of an economic agent"

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Černohorský, Jiří, Stanislav Šafránek, and Kamila Štekerová. "Game Theory and Agent-Based Models in Epidemiology: Exploration of Strategies with NetLogo." In Hradec Economic Days 2024, edited by Jan Maci, Petra Maresova, Krzysztof Firlej, and Ivan Soukal. University of Hradec Kralove, 2024. http://dx.doi.org/10.36689/uhk/hed/2024-01-009.

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Shvecov, Anatoly, Sergey Dianov, and D. A. Zaripova. "Agent architecture implementation in models of socio-ecological-economic systems." In DEFIN2020: III International Scientific and Practical Conference. ACM, 2020. http://dx.doi.org/10.1145/3388984.3390881.

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Wang, Chun, Weiming Shen, and Hamada Ghenniwa. "Negotiation in Agent Based Manufacturing Scheduling Using Auction Models." In ASME 2005 International Mechanical Engineering Congress and Exposition. ASMEDC, 2005. http://dx.doi.org/10.1115/imece2005-80905.

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This paper investigates issues in the application of auctions as negotiation mechanisms to agent based manufacturing scheduling. We model the negotiation environments that agents encounter as inter-enterprise environment and intra-enterprise environment. A formulation of intra-enterprise scheduling economy is presented. We proved that at price equilibrium, the solution computed by the agents in the economy is a Pareto optimal. AS our first attempt, we formally formulate automated auction configuration as an optimization problem. By solving the problem adaptive negotiation in multi-agent systems can be achieved. In addition to the theoretical models, we discussed various types of auction mechanisms and their applications to agent based manufacturing scheduling. Heuristics and procedures are proposed for solving the automated auction configuration problem. To validate the analysis and proposed approaches, as a case study, we apply the automated auction configuration heuristics and the procedure to an agent based shop floor scheduling environment. Experimental results show that the auction protocol selected by the proposed heuristics provides correct system functionalities. In addition, we compared the selected mechanism with other candidate mechanisms. We found that the selected one performs better in terms of reducing communication cost and improving solution quality.
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"Two Modes of Scheduling in a Simple Economic Agent-Based Model." In 2nd International Conference on Simulation and Modeling Methodologies, Technologies and Applications. SciTePress - Science and and Technology Publications, 2012. http://dx.doi.org/10.5220/0004032203030308.

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Yang, Zining. "Integrating Agent Learning with System Dynamics in an Agent-Based Model of Economic Development." In CSS 2017: CSSSA's Annual Conference on Computational Social Science. ACM, 2017. http://dx.doi.org/10.1145/3145574.3145599.

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Evseenko, Sergey, and Yurii Kupriyanov. "Modernization of Production Planning Methodology in the Context of Virtualization and Increasing Multi-Agent Meta-Environment." In Proceedings of the Ecological-Socio-Economic Systems: Models of Competition and Cooperation (ESES 2019). Atlantis Press, 2020. http://dx.doi.org/10.2991/assehr.k.200113.018.

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Berg, D. B., O. M. Zvereva, and Serik Akenov. "“Economic microscope”: The agent-based model set as an instrument in an economic system research." In INTERNATIONAL CONFERENCE OF NUMERICAL ANALYSIS AND APPLIED MATHEMATICS (ICNAAM 2016). Author(s), 2017. http://dx.doi.org/10.1063/1.4992203.

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Inchiosa, Mario E., and Bipin Chadha. "Role of Agent Based Financial Market Models in Global Product Development." In ASME 2008 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. ASMEDC, 2008. http://dx.doi.org/10.1115/detc2008-49670.

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This paper describes the need for understanding the role of financial markets in successful product development in the global context. Agent-based models distinguish themselves by their ability to generate many real world phenomena endogenously, rather than as a result of ad-hoc assumptions. We report on a model of global financial markets employing the following agents: countries, firms, stock traders, country banks, and a global bank. These agents interact with goods, credit, currency, and stock markets. The model endogenously generated quantitative and qualitative features of real economies, including skewed firm sizes, skewed country GNP’s, skewed stock trader portfolio values, and heavy-tailed non-Gaussian firm growth rate, exchange rate fluctuation, and stock return distributions. Multiple runs were performed with different random number generator seeds to investigate the stability or instability of the economies grown by the model. Both stable and unstable country economies were detected. The multiple runs also verified conclusions drawn from analyzing individual runs showing how small countries could be buffeted by fluctuations in larger countries. Such a model can be used by product development organizations to understand the impacts of their product development decisions in the context of dynamic and unpredictable financial markets.
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Zvereva, Olga, Irina Ershova, Sergey Goldstein, Elena Shangina, and Nadezda Tebaikina. "Agent-based model implementing for investigation of economic agents’ behavior influence on autonomous community viability." In INTERNATIONAL CONFERENCE OF NUMERICAL ANALYSIS AND APPLIED MATHEMATICS ICNAAM 2020. AIP Publishing, 2022. http://dx.doi.org/10.1063/5.0081524.

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Zhang, Tong, and Yu Wu. "Supply uncertainty in commodity contracting: An agent-based model." In 2014 International Conference on Behavior, Economic and Social Computing (BESC). IEEE, 2014. http://dx.doi.org/10.1109/besc.2014.7059525.

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Reports on the topic "Models of an economic agent"

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Sprigg, James A., Richard J. Pryor, and Craig Reed Jorgensen. Approach and development strategy for an agent-based model of economic confidence. Office of Scientific and Technical Information (OSTI), 2004. http://dx.doi.org/10.2172/903423.

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Stermieri, Lidia, Tom Kober, Russell McKenna, Thomas J. Schmidt, and Evangelos Panos. Socio-economic energy model for digitalization (SEED) overview design concept and details (ODD) protocol. Paul Scherrer Institute, PSI, 2023. http://dx.doi.org/10.55402/psi:56617.

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The Socio-Economic Energy Model for Digitalization (SEED) quantifies digitalization's impacts on technology investment choices, energy consumption, and emissions in different energy sectors. It belongs to the class of Agent Based Models and simulates the decision processes of various heterogenous actors of the energy system: households, services sectors and industry sectors. These decision processes relate to the adoption of digital services and practices, as well as the investment in end-use energy technologies to support them. The model represents a large set of complex interactions between its actors, such as peereffects, producer-consumer relationships and employee-employer relationships. It can also be linked to the Swiss TIMES energy system model (STEM) to evaluate broader implications to the energy supply and infrastructure arising from the decisions of the SEED actors. The current article formally describes the SEED model based on the Overview Design Concept and Details (ODD) protocol. It also lists its main features, assumptions and data sources.
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Peralta-Alva, Adrian, and Manuel S. Santos. Problems in the Numerical Simulation of Models with Heterogeneous Agents and Economic Distortions. Federal Reserve Bank of St. Louis, 2009. http://dx.doi.org/10.20955/wp.2009.036.

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Horton, John. Large Language Models as Simulated Economic Agents: What Can We Learn from Homo Silicus? National Bureau of Economic Research, 2023. http://dx.doi.org/10.3386/w31122.

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Acharya, Sushant, and Paolo Pesenti. Spillovers and Spillbacks. Federal Reserve Bank of New York, 2024. http://dx.doi.org/10.59576/sr.1089.

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We study international monetary policy spillovers and spillbacks in a tractable two-country Heterogeneous Agent New Keynesian model. Relative to Representative Agent (RANK) models, our framework introduces a precautionary-savings channel, as households in both countries face uninsurable income risk, and a real-income channel, as households have heterogeneous marginal propensities to consume (MPC). While both channels amplify the size of spillovers/spillbacks, only precautionary savings can change their sign relative to RANK. Spillovers are likely to be larger in economies with higher fractions of high MPC households and more countercyclical income risk. Quantitatively, both channels amplify spillovers by 30-60 percent relative to RANK.
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Grainger, Matthew, Simone Piras, Simone Righi, Marco Setti, Gavin Stewart, and Matteo Vittuari. Integrated model of consumer behaviours in relation to food waste : Behavioural economics : D4.4 Linking Bayesian and agent-based models to assess consumer food waste. REFRESH, 2019. http://dx.doi.org/10.18174/477976.

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Pérez Montes, Carlos, Alejandro Ferrer, Gabriel Jiménez, et al. Individual and sectoral analysis framework for the impact of economic and financial risks. Banco de España, 2023. http://dx.doi.org/10.53479/34812.

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The Banco de España uses various microeconomic models, mostly of an empirical nature, to support its decision-making in relation to the analysis of economic and financial risks and economic policy advice. These models, which complement those of a macroeconomic nature, seeks to identify the potentially heterogeneous impact on different groups of agents of certain economic, financial or public policy scenarios. This analysis covers many areas, including the study of the behaviour of households and non-financial corporations, the internal credit rating of companies, the study of the demand for and supply of bank credit, top-down bank stress tests, supervisory review and evaluation processes (SREP) and the study of non-bank financial intermediaries. This paper shows how these models have been applied to analyse two recent crisis events, the onset of the COVID-19 pandemic and the Russian invasion of Ukraine, illustrating their practical utility and the need for their development and continuous adaptation.
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Sadoune, Igor, Marcelin Joanis, and Andrea Lodi. Implementing a Hierarchical Deep Learning Approach for Simulating multilevel Auction Data. CIRANO, 2023. http://dx.doi.org/10.54932/lqog8430.

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We present a deep learning solution to address the challenges of simulating realistic synthetic first-price sealed-bid auction data. The complexities encountered in this type of auction data include high-cardinality discrete feature spaces and a multilevel structure arising from multiple bids associated with a single auction instance. Our methodology combines deep generative modeling (DGM) with an artificial learner that predicts the conditional bid distribution based on auction characteristics, contributing to advancements in simulation-based research. This approach lays the groundwork for creating realistic auction environments suitable for agent-based learning and modeling applications. Our contribution is twofold: we introduce a comprehensive methodology for simulating multilevel discrete auction data, and we underscore the potential ofDGMas a powerful instrument for refining simulation techniques and fostering the development of economic models grounded in generative AI.
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Attansio, Orazio, and Debbie Blair. Structural modelling in policymaking. Centre for Excellence and Development Impact and Learning (CEDIL), 2018. http://dx.doi.org/10.51744/cip9.

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Structural modelling, that is the use of behavioural models to add a framework to the decision problem of an agent, is a useful yet underused tool in evaluation. This paper provides a general introduction to structural modelling, as well as an overview of other commonly used evaluation techniques in Economics and other social sciences. It then goes on to show with three key case studies, how structural models can be used to enrich the findings from randomised control trials. The case studies cover a wide range of policy questions: examining demand for health products in Kenya, incentivising teachers to attend school in India, and evaluating conditional cash transfers for education in Mexico. The case studies show how structural models add to our understanding of the mechanisms behind a given treatment effect, how the findings may change when the policy is rolled out under different circumstances, as well as allowing for the evaluation of different policies that were not originally trialled. The common pitfalls of structural models are discussed, with guidance provided throughout on how to conduct sensitivity analysis and model validation. It is hoped that this paper will persuade other researchers to use structural models, in conjunction with randomised control trials, that will lead to improved evaluation results, a deeper understanding of important problems, and better informed policymaking in the future.
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Burniaux, Jean-Marc, and Truong Truong. GTAP-E: An Energy-Environmental Version of the GTAP Model. GTAP Technical Paper, 2002. http://dx.doi.org/10.21642/gtap.tp16.

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Energy is an important commodity in many economic activities. Its usage affects the environment via CO2 emissions and the Greenhouse Effect. Modeling the energy-economy-environment-trade linkages is an important objective in applied economic policy analysis. Previously, however, the modeling of these linkages in GTAP has been incomplete. This is because energy substitution, a key factor in this chain of linkages, is absent from the standard model specification. This technical paper remedies this deficiency by incorporating energy substitution into the standard GTAP model. It begins by first reviewing some of the existing approaches to this problem in contemporary CGE models. It then suggests an approach for GTAP which incorporates some of these desirable features of energy substitution. The approach is implemented as an extended version of the GTAP model called GTAP-E, which includes the standard GTAP model as a special case. In addition, GTAP-E incorporates carbon emissions from the combustion of fossil fuels and this revised version of GTAP-E provides for a mechanism to trade these emissions internationally. The resulting behavior of agents in the model is analyzed using general equilibrium demand elasticities which summarize the combined effect of the new model specification. Implications for policy analysis are demonstrated via a simple simulation experiment in which global carbon emissions are reduced via a carbon tax. Results show that incorporating energy substitution into GTAP is essential for conducting analysis of this problem. The policy relevance of GTAP-E in the context of the existing debate about climate change is illustrated by some simulations of the implementation of the Kyoto Protocol. It is hoped that the proposed model will be used by individuals in the GTAP network who may not be themselves energy modelers, but who require a better representation of the energy-economy linkages than is currently offered in the standard GTAP model.
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