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

Author: Grafiati

Published: 25 July 2024

Last updated: 31 July 2025

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1

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, whic

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Churilin, M. Yu, and T. A. Valiulina. "Changes in Models of Economic Agent and Economic Space." Vestnik of the Plekhanov Russian University of Economics, no. 2 (March 18, 2025): 13–24. https://doi.org/10.21686/2413-2829-2025-2-13-24.

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The article analyzes characteristics of homo economicus model and space, where it functions. Principles underlying this quasi-natural scientific model are explained in view of physicalism. Arguments are also provided that allow us to make a conclusion about changing requirements to economic agent in institutional economy. Therefore, from the natural scientific position a hypothesis is advanced that new characteristics of agent can be taxonomically included in economic theory to illustrate the actor’s development. Apart from that a conclusion is drawn about the necessity of additional notions c

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3

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 appli

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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 th

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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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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 distr

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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 emer

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9

Бричев, Т. Ю. "Модели и методы использования агенториентированного подхода в управлении экономикой". Applied Economic Researches Journal, № 1 (25 січня 2025): 32–38. https://doi.org/10.47576/2949-1908.2025.1.1.003.

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Статья посвящена обзору моделей и методов агенториентированного подхода в управлении экономикой. Целью исследования является дополнение содержания данных моделей и методов в управлении экономикой. Проводится обзор моделей и методов агенториентированного подхода в управлении экономикой. Выделены следующие ключевые модели: иерархические модели, вертикально-интегрированные структурные модели, экологические модели, а также методы комбинированного типа. Анализ показывает, что лишь небольшая часть моделей применима в рамках региональной или национальной экономики. Многие из методов не имеют апробаци

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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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11

Cross, Rod, Michael Grinfeld, and Harbir Lamba. "A Rate-Dependent Probabilistic Model of Hysteresis." Mathematics 12, no. 24 (2024): 3924. https://doi.org/10.3390/math12243924.

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Instead of modelling an economic agent by a hysteron, we suggest a fluid–mechanical notion of rate-dependent hysteretic agents based on the theory of Poisson counters. It leads to a simple representation of assemblies of such agents. We discuss the properties of the new version of hysteresis and its advantages over classical models of hysteresis in economics.

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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 populatio

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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 i

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Pascual, Francis Xavier, Katrina Louise Tan, and Benedict Angelo Ramos. "Modelling the Dynamics of Financial Markets: Insights from Agent-Based Models." International Journal of Technology and Modeling 3, no. 1 (2024): 35–45. https://doi.org/10.63876/ijtm.v3i1.123.

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The dynamics of financial markets are shaped by complex interactions among heterogeneous agents, often deviating from the assumptions of classical economic theory. This study explores the use of agent-based models (ABMs) as a computational approach to capture the emergent behaviors and nonlinearities inherent in financial systems. By simulating markets with agents possessing bounded rationality, adaptive expectations, and diverse trading strategies, ABMs offer insights into phenomena such as market bubbles, crashes, and volatility clustering. This paper presents a comprehensive framework for m

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Trimborn, Torsten, Philipp Otte, Simon Cramer, Maximilian Beikirch, Emma Pabich, and Martin Frank. "SABCEMM: A Simulator for Agent-Based Computational Economic Market Models." Computational Economics 55, no. 2 (2019): 707–44. http://dx.doi.org/10.1007/s10614-019-09910-1.

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Hosszú, Zsuzsanna, András Borsos, Bence Mérő, and Nikolett Vágó. "The optimal choice of scaling in economic agent-based models." Journal of Economic Behavior & Organization 232 (April 2025): 106928. https://doi.org/10.1016/j.jebo.2025.106928.

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Azaria, Amos, Zinovi Rabinovich, Sarit Kraus, Claudia Goldman, and Ya'akov Gal. "Strategic Advice Provision in Repeated Human-Agent Interactions (Abstract)." Proceedings of the AAAI Conference on Artificial Intelligence 26, no. 1 (2021): 2411–12. http://dx.doi.org/10.1609/aaai.v26i1.8408.

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This paper addresses the problem of automated advice provision in settings that involve repeated interactions between people and computer agents. This problem arises in many real world applications such as route selection systems and office assistants. To succeed in such settings agents must reason about how their actions in the present influence people's future actions. The paper describes several possible models of human behavior that were inspired by behavioral economic theories of people's play in repeated interactions. These models were incorporated into several agent designs to repeatedl

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Kilyachkov, N. A. "Biological Communities as Economic Subjects." MGIMO Review of International Relations, no. 1(40) (February 28, 2015): 144–52. http://dx.doi.org/10.24833/2071-8160-2015-1-40-144-152.

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When the natural resource management is considered by means of economics, biological associations are only regarded as the source of resources and the object of ownership from the part of economic agents (households, firms or the state). Such approach does not allow studying certain types of situations, like interaction of an economic agent and a natural ecosystem, property rights over which are not well defined, and does not account for system attributes of the environment. This study proposes to consider biological associations (populations or ecosystems) as specific economic subjects. It is

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Eftonova, Tatyana, Mariam Kiran, and Mike Stannett. "Long-term Macroeconomic Dynamics of Competition in the Russian Economy using Agent- based Modelling." International Journal of System Dynamics Applications 6, no. 1 (2017): 1–20. http://dx.doi.org/10.4018/ijsda.2017010101.

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Agent-based economic modelling techniques are increasingly being used to complement standard economic simulations. This paper re-models a standard equation-based simulation model of the Russian macroeconomy in an agent-based setup, and uses it to investigate the effect that antimonopoly legislation can be expected to have upon long-term dynamic behaviour. The results reveal various potential outcomes which would have not been visible using traditional equation-based modelling techniques. While the number of economic agents has been kept deliberately small in the work presented here, the modell

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BEIKIRCH, MAXIMILIAN, SIMON CRAMER, MARTIN FRANK, PHILIPP OTTE, EMMA PABICH, and TORSTEN TRIMBORN. "ROBUST MATHEMATICAL FORMULATION AND PROBABILISTIC DESCRIPTION OF AGENT-BASED COMPUTATIONAL ECONOMIC MARKET MODELS." Advances in Complex Systems 23, no. 06 (2020): 2050017. http://dx.doi.org/10.1142/s0219525920500174.

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In science and especially in economics, agent-based modeling has become a widely used modeling approach. These models are often formulated as a large system of difference equations. In this study, we discuss two aspects, numerical modeling and the probabilistic description for two agent-based computational economic market models: the Levy–Levy–Solomon model and the Franke–Westerhoff model. We derive time-continuous formulations of both models, and in particular, we discuss the impact of the time-scaling on the model behavior for the Levy–Levy–Solomon model. For the Franke–Westerhoff model, we

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Dobrynin, Alexey Sergeyevich, Alexander Sergeyevich Koynov, and Marina Vladimirovna Purgina. "Agent model for multi-agent organizational system: economic aspect." Vestnik of Astrakhan State Technical University. Series: Economics 2019, no. 4 (2019): 14–20. http://dx.doi.org/10.24143/2073-5537-2019-4-14-20.

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Modeling the behavior of social and economic systems plays an important role in various fields of knowledge. An important task is the prediction of the behavior of such systems and their states in the future, for the adoption of proactive and corrective management decisions. Despite the constant development of game theory and other disciplines of a socio-economic (cybernetic) profile, the issue of a generalized formalized description of such systems consisting of active elements remains relevant. Significant difficulties arise with the formal description of any systems that contain active elem

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22

Chen, Shu-Heng. "Neuroeconomics and Agent-Based Computational Economics." International Journal of Applied Behavioral Economics 3, no. 2 (2014): 15–34. http://dx.doi.org/10.4018/ijabe.2014040102.

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Recently, the relation between neuroeconomics and agent-based computational economics (ACE) has become an issue concerning the agent-based economics community. Neuroeconomics can interest agent-based economists when they are inquiring for the foundation or the principle of the software-agent design. It has been shown in many studies that the design of software agents is non-trivial and can determine what will emerge from the bottom. Therefore, it has been quested for rather a period regarding whether anyone can sensibly design these software agents, including both the choice of software agent

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23

Azaria, Amos, Zinovi Rabinovich, Sarit Kraus, Claudia Goldman, and Ya'akov Gal. "Strategic Advice Provision in Repeated Human-Agent Interactions." Proceedings of the AAAI Conference on Artificial Intelligence 26, no. 1 (2021): 1522–28. http://dx.doi.org/10.1609/aaai.v26i1.8338.

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This paper addresses the problem of automated advice provision in settings that involve repeated interactions between people and computer agents. This problem arises in many real world applications such as route selection systems and office assistants. To succeed in such settings agents must reason about how their actions in the present influence people's future actions. This work models such settings as a family of repeated bilateral games of incomplete information called ``choice selection processes'', in which players may share certain goals, but are essentially self-interested. The paper d

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GILBERT, NIGEL. "OPEN PROBLEMS IN USING AGENT-BASED MODELS IN INDUSTRIAL AND LABOR DYNAMICS." Advances in Complex Systems 07, no. 02 (2004): 285–88. http://dx.doi.org/10.1142/s0219525904000093.

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The preceding papers have shown the impressive versatility and potential of agent-based modeling in developing an understanding of industrial and labor dynamics. The main attraction of agent-based models is that the actors — firms, workers, and networks — that are the objects of study in the 'real world,' can be represented directly in the model. This one-to-one correspondence between model agents and economic actors provides greater clarity and more opportunities for analysis than many alternative modeling approaches. However, the advantages of agent-based modeling have to be tempered by disa

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Csorba, László. "Risk-taking Factors in a Dynamic Approach." Analecta Technica Szegedinensia 18, no. 3 (2024): 107–17. http://dx.doi.org/10.14232/analecta.2024.3.107-117.

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The most common definition of risk is quantified by the probability of an adverse event occurring and the value of the adverse consequence. Theoretically, the decision to take a risk can also be based essentially on these two pieces of information. In addition, according to traditional risk-taking models, the perception of risk, the psychological characteristics of the decision-makers and their relevant experience are also important. In the case of mathematical-statistical-psychological models, little emphasis is placed on the fact that risk is in fact the inability to completely control the a

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Бричев, Т. Ю. "Компаративный анализ российских и зарубежных практик применения агент-ориентированного подхода к моделированию мезоэкономических систем". Industrial Economics, № 3 (4 травня 2025): 216–23. https://doi.org/10.47576/2949-1886.2025.3.3.028.

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В статье представлен сравнительный анализ российских и зарубежных практик применения агент-ориентированного подхода к моделированию мезоэкономических систем. Рассмотрены основные модели и методы агент-ориентированного моделирования, применяемые в экономическом управлении, включая иерархические модели, вертикально интегрированные структурные модели и экологические модели. Проведен сравнительный анализ опыта использования агент-ориентированного моделирования в России и за рубежом, выявлены особенности отечественных и зарубежных подходов. Определены ограничения существующих моделей, отмечено, что

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Kaplan, Greg, and Giovanni L. Violante. "Microeconomic Heterogeneity and Macroeconomic Shocks." Journal of Economic Perspectives 32, no. 3 (2018): 167–94. http://dx.doi.org/10.1257/jep.32.3.167.

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In this essay, we discuss the emerging literature in macroeconomics that combines heterogeneous agent models, nominal rigidities, and aggregate shocks. This literature opens the door to the analysis of distributional issues, economic fluctuations, and stabilization policies—all within the same framework. In response to the limitations of the representative agent approach to economic fluctuations, a new framework has emerged that combines key features of heterogeneous agents (HA) and New Keynesian (NK) economies. These HANK models offer a much more accurate representation of household consumpti

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Yolusever, Aras. "Agent Based Computational Economics: A Review, Challenges And Future Direction." İzmir İktisat Dergisi 40, no. 2 (2024): 474–90. https://doi.org/10.24988/ije.1523165.

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Agent-Based Computational Economics (from now ACE) is a dynamic field that combines computational techniques with economic theory to model and analyze complex adaptive systems. It originated from Guy Orcutt's pioneering work in 1957, which introduced microsimulation for economic transactions and interactions. ACE has evolved significantly, particularly with advanced computational technologies in the mid-1990s, leading to the rise of agent-based models (ABMs) and complex adaptive systems (CAS). These advancements allow researchers to simulate individual agents' behaviors and interactions within

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Abramov, V. I., A. N. Kudinov, and D. S. Evdokimov. "Application of social modeling using agent based approach in scientific and technical development, implementation of R&D and maintenance of innovative potential." Proceedings of the Voronezh State University of Engineering Technologies 81, no. 3 (2019): 339–59. http://dx.doi.org/10.20914/2310-1202-2019-3-339-359.

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Agent based models (ABM) and multiagent systems (MAS) can be used to solve problems in many fields of research - from natural and computer to economics and social sciences. Many natural and social phenomena can be represented in form of complex simulations so over time agent models and multi-agent systems have proven to be a really powerful tool in areas such as economics and trade, health, urban planning and social sciences. In addition multi-agent systems can be represented as an artificial society similar to a human one and consisting of entities with characteristics similar to human ones,

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Baidasheva, Elizaveta N., Tatyana V. Kiyan, and Natalia N. Grigorieva. "MODELS OF OUT-OF-EQUILIBRIUM DYNAMICS WITH LIMITED RATIONALITY AND ECONOMIC RESTRICTIONS." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 3/10, no. 156 (2025): 5–11. https://doi.org/10.36871/ek.up.p.r.2025.03.10.001.

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This article discusses the construction and analysis of a model of out-of-equilibrium dynamics of an economic system based on the interaction of agents with bounded rationality and built-in economic constraints. The model combines stochastic agent-based modeling, methods of reinforcement learning theory and dynamic constraints – budgetary, informational and institutional. The numerical experiment conducted using Monte Carlo methods, Latin hyperquadratic selection and Euler–Maruyama schemes revealed a wide range of complex dynamic regimes, including bifurcations, chaotic attractors and multista

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Evdokimov, Dmitry. "Approaches to Assessing the Socio-Economic Consequences of the COVID-19 Pandemic Using Computer Simulation." Artificial societies 17, no. 3 (2022): 0. http://dx.doi.org/10.18254/s207751800021929-0.

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In the context of the coronavirus pandemic, there is an increasing need to develop methods for scientifically based assessment of the consequences both at the level of the country&apos;s economy and at the regional level. One of the acute problems of the development of the Russian economy in the context of the coronavirus pandemic is the conflict between measures to protect the life and health of people and the fall in economic activity. To support the economy, countries are taking anti-crisis measures, which are aimed primarily at overcoming serious consequences in the most vulnerable sec

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Beklaryan, Gayane. "Simulation modelling of multi-agent regional socio-economic systems: methods and examples." Herald of CEMI 6, no. 4 (2023): 0. http://dx.doi.org/10.33276/s265838870029157-5.

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The paper presents a new approach to modelling multi-agent regional socio-economic systems. Within the framework of the proposed approach, the possibilities of constructing hybrid multi-level simulation models using methods system dynamics and agent-based modelling, designed to assess the state of individual regions, characterizing the economic growth rate (e. g., the GRP dynamics) and finding solutions to improve them. As a result, it is possible to study the characteristics of the regional socio-economic system, taking into account the complex relationships and interactions between economic

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Горбанева, Ольга Ивановна, and Olga Gorbaneva. "Corruption mechanisms in models of social and private interests combining engine in the case of one agent. Optimization approach." Mathematical Game Theory and Applications 12, no. 2 (2020): 36–62. http://dx.doi.org/10.17076/mgta_2020_2_15.

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The paper is devoted to the investigation of corruption in models of social and private interests combining (SPICE-models) in the case of one agent. The specific attention in the article is given to the optimization approach investigation. In the structure of model between the higher level (principal) and the lower levels (agents) element "supervisor" is included. Supervisor acts in interests of principal, but he can weaken principal's demands for agent in exchange of a bribe. Administrative and economic corruption mechanisms are introduced and investigated. Optimization approach is applied.

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Cincotti, Silvano, Marco Raberto, and Andrea Teglio. "Why do we need agent-based macroeconomics?" Review of Evolutionary Political Economy 3, no. 1 (2022): 5–29. http://dx.doi.org/10.1007/s43253-022-00071-w.

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AbstractWe are entering the third decade of the twenty-first century with profound uncertainties and crucial challenges for the world economy. Phenomena like climate change, digital transformation, migration, demographic changes, and the ongoing COVID pandemic need to be understood and promptly addressed. We argue that the agent-based approach in economics is well suited to tackle these topics, because of its capacity to integrate the “micro” and “macro” dimensions by modelling the network of interactions among heterogeneous economic agents and their aggregate outcomes. This paper explains why

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Kaplan, Greg, and Giovanni L. Violante. "The Marginal Propensity to Consume in Heterogeneous Agent Models." Annual Review of Economics 14, no. 1 (2022): 747–75. http://dx.doi.org/10.1146/annurev-economics-080217-053444.

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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 structures, we show that the most important factor is the share and type of hand-to-mouth households. One-asset models either feature a trade-off between a high average MPC and a realistic level of aggregate wealth or generate an excessively polarized wealth distribution that vastly understates the wealth held by households

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Arellano, Manuel, and Stéphane Bonhomme. "Nonlinear Panel Data Methods for Dynamic Heterogeneous Agent Models." Annual Review of Economics 9, no. 1 (2017): 471–96. http://dx.doi.org/10.1146/annurev-economics-063016-104346.

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Kirman, Alan. "Learning in Agent-based Models." Eastern Economic Journal 37, no. 1 (2010): 20–27. http://dx.doi.org/10.1057/eej.2010.60.

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Xia, Wei Li, Xing Ji Wei, and Tong Tong Sun. "Applied-Information Technology in Multi-Agent Simulation in Securities Market Modeling." Applied Mechanics and Materials 707 (December 2014): 501–4. http://dx.doi.org/10.4028/www.scientific.net/amm.707.501.

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Multi-agent simulation could make a contribution to a better understanding of social and economic systems. To some extent, multi-agent simulation can be seen as experimental technique for hypothesis testing and scenario analysis, which can be used complementary and in combination with experiments in social and economic systems. The multi-agent model represent a broad class of models which have been introduced to describe the economic dynamics in a more realistic way. Their building blocks are: the agents are heterogeneous with respect to their various properties like strategies, wealth, time s

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ZGONNIKOV, ARKADY, and IHOR LUBASHEVSKY. "UNSTABLE DYNAMICS OF ADAPTATION IN UNKNOWN ENVIRONMENT DUE TO NOVELTY SEEKING." Advances in Complex Systems 17, no. 03n04 (2014): 1450013. http://dx.doi.org/10.1142/s0219525914500131.

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Learning and adaptation play great role in emergent socio-economic phenomena. Complex dynamics has been previously found in the systems of multiple learning agents interacting via a simple game. Meanwhile, the single agent adaptation is considered trivially stable. We advocate the idea that adopting a more complex model of the individual behavior may result in a more diverse spectrum of macro-level behaviors. We develop an adaptation model based on the reinforcement learning framework extended by an additional processing channel. We scrutiny the dynamics of the single agent adapting to the unk

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Ageeva, Alina. "Budget Processes Modeling: Agent-Based Approach." Artificial societies 18, no. 2 (2023): 0. http://dx.doi.org/10.18254/s207751800025645-8.

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The financial and economic crisis caused by anti-Russian sanctions and geopolitical tensions necessitates an increase in budget expenditures at all levels, in connection with which the issues of improving the fiscal system and reorganizing interbudgetary relations are being updated. To develop plans for adapting to current challenges, achieving the goals of fiscal stability and improving economic performance, transformations in the field of budget processes, the implementation of an effective fiscal policy, and a rethinking of the principles of fiscal federalism are necessary. Achieving this g

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Zehra, Ayesha, and Amena Urooj. "A Bibliometric Analysis of the Developments and Research Frontiers of Agent-Based Modelling in Economics." Economies 10, no. 7 (2022): 171. http://dx.doi.org/10.3390/economies10070171.

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Dynamic Stochastic General Equilibrium (DSGE) models are widely used as a tool for policy decision-making. These models lost their fame when they could not predict the crisis in 2008 and could not address policy problems afterward. Meanwhile, the Agent-Based Modelling (ABM) approach emerged as an alternative to DSGE models. Between 2000 and 2020, this study examined scholarly research on the topic of ABM in economics. The information is gathered using the SCOPUS database. Numerous bibliometric indicators are provided, including the total number of publications and citations. The study reveals

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Brown, Calum, Ian Holman, and Mark Rounsevell. "How modelling paradigms affect simulated future land use change." Earth System Dynamics 12, no. 1 (2021): 211–31. http://dx.doi.org/10.5194/esd-12-211-2021.

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Abstract. Land use models operating at regional to global scales are almost exclusively based on the single paradigm of economic optimisation. Models based on different paradigms are known to produce very different results, but these are not always equivalent or attributable to particular assumptions. In this study, we compare two pan-European integrated land use models that utilise the same climatic and socio-economic scenarios but which adopt fundamentally different modelling paradigms. One of these is a constrained optimising economic-equilibrium model, and the other is a stochastic agent-b

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Shaaban, Mostafa, Jürgen Scheffran, Mohamed Salah Elsobki, and Hossein Azadi. "A Comprehensive Evaluation of Electricity Planning Models in Egypt: Optimization versus Agent-Based Approaches." Sustainability 14, no. 3 (2022): 1563. http://dx.doi.org/10.3390/su14031563.

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A rational assessment of electricity generation technologies constitutes a cornerstone to attain a sustainable and secure electricity plan. The Egyptian government is struggling with the accelerated growth of the national electricity demand through setting up and examining different future electricity scenarios and through the implementation of energy models to secure the provision of affordable and clean energy as part of the United Nations 2030 agenda of achieving the 17 sustainable development goals (SDGs). However, conventional techno-economic models still represent for many countries an a

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Bureš, Vladimír, and Petr Tučník. "Complex agent-based models: application of a constructivism in the economic research." E+M Ekonomie a Management 17, no. 3 (2014): 152–68. http://dx.doi.org/10.15240/tul/001/2014-3-012.

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Dawid, Herbert, and Giorgio Fagiolo. "Agent-based models for economic policy design: Introduction to the special issue." Journal of Economic Behavior & Organization 67, no. 2 (2008): 351–54. http://dx.doi.org/10.1016/j.jebo.2007.06.009.

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Cifuentes-Faura, Javier, and Renaud Di Francesco. "Nanoeconomics of Households in Lockdown Using Agent Models during COVID-19." Sustainability 14, no. 4 (2022): 2083. http://dx.doi.org/10.3390/su14042083.

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The world is experiencing a global pandemic with COVID-19, for which few measures have proven their efficiency. Prevention through lockdown belongs to the portfolio of Non-Pharmaceutical Intervention (NPI). The implementation of a lockdown comes with a potential health care benefit balanced with an economic and human cost: people are constrained to stay in their homes. Households hence have to live together in what we call “zero-space”, which means within the walls of their flat or house. The loss of “space-domain” freedom, preventing them to move in “free” space is accompanied by a continued

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AYLETT, RUTH, KERSTIN DAUTENHAHN, JIM DORAN, MICHAEL LUCK, SCOTT MOSS, and MOSHE TENNENHOLTZ. "Can models of agents be transferred between different areas?" Knowledge Engineering Review 15, no. 2 (2000): 197–203. http://dx.doi.org/10.1017/s0269888900002034.

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One of the main reasons for the sustained activity and interest in the field of agent-based systems, apart from the obvious recognition of its value as a natural and intuitive way of understanding the world, is its reach into very many different and distinct fields of investigation. Indeed, the notions of agents and multi-agent systems are relevant to fields ranging from economics to robotics, in contributing to the foundations of the field, being influenced by ongoing research, and in providing many domains of application. While these various disciplines constitute a rich and diverse environm

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Axtell, Robert L., and J. Doyne Farmer. "Agent-Based Modeling in Economics and Finance: Past, Present, and Future." Journal of Economic Literature 63, no. 1 (2025): 197–287. https://doi.org/10.1257/jel.20221319.

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Agent-based modeling (ABM) is a novel computational methodology for representing the behavior of individuals in order to study social phenomena. Its use is rapidly growing in many fields. We review ABM in economics and finance and highlight how it can be used to relax conventional assumptions in standard economic models. ABM has enriched our understanding of markets, industrial organization, labor, macro, development, public policy, and environmental economics. In financial markets, substantial accomplishments include understanding clustered volatility, market impact, systemic risk, and housin

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Grames, J., A. Prskawetz, D. Grass, and G. Blöschl. "Modelling the interaction between flooding events and economic growth." Proceedings of the International Association of Hydrological Sciences 369 (June 11, 2015): 3–6. http://dx.doi.org/10.5194/piahs-369-3-2015.

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Abstract. Socio-hydrology describes the interaction between the socio-economy and water. Recent models analyze the interplay of community risk-coping culture, flooding damage and economic growth (Di Baldassarre et al., 2013; Viglione et al., 2014). These models descriptively explain the feedbacks between socio-economic development and natural disasters like floods. Contrary to these descriptive models, our approach develops an optimization model, where the intertemporal decision of an economic agent interacts with the hydrological system. In order to build this first economic growth model desc

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POSADA, MARTA, CESÁREO HERNÁNDEZ, and ADOLFO LÓPEZ-PAREDES. "TESTING MARSHALLIAN AND WALRASIAN INSTABILITY WITH AN AGENT-BASED MODEL." Advances in Complex Systems 11, no. 02 (2008): 249–60. http://dx.doi.org/10.1142/s021952590800160x.

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Do the Marshallian and Walrasian models have a firm foundation on micromotives, or are they just macroabstractions that we could dispense in microeconomics? Previous evidence from experimental economics with human subjects in continuous double auction markets shows that, if the supply is downward-sloping or the demand is upward-sloping, the Marshallian stability model captures the observed phenomena but the Walrasian does not. But, of course, in human subjects experiments the basic question of what the human agents' behavior is remains open. We build an artificial agent-based model to show tha

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