Download or read book Agent Based Models for Economic Policy Advice written by Blake LeBaron and published by Walter de Gruyter GmbH & Co KG. This book was released on 2016-11-21 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: This special issue of the Journal of Economics and Statistics is devoted to the use of agent-based models for economic policy advice. It presents a collection of research papers in different fields of applications. Special emphasis is laid on discussing the potential and possible limitations of agent-based models for economic policy advice. The editorial provides an overview on the role of agent-based modeling in economic policy referring also to the papers presented. Furthermore, it highlights the strength of the approach, i.e., the explicit microfoundation and the modeling of heterogenous agents. Finally, we also report on current limitations of the method with regard to economic policy advice and point at some areas deserving further research.
Download or read book Agent Based Modelling in Economics written by Lynne Hamill and published by John Wiley & Sons. This book was released on 2016-01-19 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Agent-based modelling in economics Lynne Hamill and Nigel Gilbert, Centre for Research in Social Simulation (CRESS), University of Surrey, UK New methods of economic modelling have been sought as a result of the global economic downturn in 2008.This unique book highlights the benefits of an agent-based modelling (ABM) approach. It demonstrates how ABM can easily handle complexity: heterogeneous people, households and firms interacting dynamically. Unlike traditional methods, ABM does not require people or firms to optimise or economic systems to reach equilibrium. ABM offers a way to link micro foundations directly to the macro situation. Key features: Introduces the concept of agent-based modelling and shows how it differs from existing approaches. Provides a theoretical and methodological rationale for using ABM in economics, along with practical advice on how to design and create the models. Each chapter starts with a short summary of the relevant economic theory and then shows how to apply ABM. Explores both topics covered in basic economics textbooks and current important policy themes; unemployment, exchange rates, banking and environmental issues. Describes the models in pseudocode, enabling the reader to develop programs in their chosen language. Supported by a website featuring the NetLogo models described in the book. Agent-based Modelling in Economics provides students and researchers with the skills to design, implement, and analyze agent-based models. Third year undergraduate, master and doctoral students, faculty and professional economists will find this book an invaluable resource.
Download or read book Assessing the Use of Agent Based Models for Tobacco Regulation written by Institute of Medicine and published by National Academies Press. This book was released on 2015-07-17 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tobacco consumption continues to be the leading cause of preventable disease and death in the United States. The Food and Drug Administration (FDA) regulates the manufacture, distribution, and marketing of tobacco products - specifically cigarettes, cigarette tobacco, roll-your-own tobacco, and smokeless tobacco - to protect public health and reduce tobacco use in the United States. Given the strong social component inherent to tobacco use onset, cessation, and relapse, and given the heterogeneity of those social interactions, agent-based models have the potential to be an essential tool in assessing the effects of policies to control tobacco. Assessing the Use of Agent-Based Models for Tobacco Regulation describes the complex tobacco environment; discusses the usefulness of agent-based models to inform tobacco policy and regulation; presents an evaluation framework for policy-relevant agent-based models; examines the role and type of data needed to develop agent-based models for tobacco regulation; provides an assessment of the agent-based model developed for FDA; and offers strategies for using agent-based models to inform decision making in the future.
Download or read book Design of Agent based Models written by Tomáš Šalamon and published by Tomáš Bruckner. This book was released on 2011 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although there are plenty of publications dealing with the theory of multi-agent systems and agent-based simulations, information about the practical development of such systems is scarce. The aim of this book is to fill this empty space and to provide knowledge about design and development of agent-based simulations in an easy and comprehensible way. The book begins with the fundamentals of multi-agent systems, agent principles and their interaction, and goes on to discuss the philosophy of agent-based programming. Agent-based models - like any other scientific method - have drawbacks and limitations, which are presented in the book as well. The main portion of the text is then devoted to a description of methodology and best practices for the design and development of agent-based simulation software. The methodology (called Agentology) guides the reader through the entire development process, from the formal definition of the problem, through conceptual modeling and the selection of the particular development platform, to the programming and debugging of the code itself and the final assessment of the model. The visual language as the means of representation of the conceptual model is included. The reader is also presented with a comparison of present multi-agent development environments and tools, which could be helpful for the selection of appropriate development instruments. Given that the theoretical foundation is presented in an accessible way and supported by many practical examples, figures, schemes and source codes, this publication is especially suitable as a textbook for introductory graduate-level courses on multi-agent systems and agent-based modeling. Besides appealing to students and the scientific community, the monograph can aid software architects and developers who are not familiar with agent principles, conveying valuable insights into this distinct computer paradigm.
Download or read book The Oxford Handbook of Computational Economics and Finance written by Shu-Heng Chen and published by Oxford University Press. This book was released on 2018-01-12 with total page 785 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Computational Economics and Finance provides a survey of both the foundations of and recent advances in the frontiers of analysis and action. It is both historically and interdisciplinarily rich and also tightly connected to the rise of digital society. It begins with the conventional view of computational economics, including recent algorithmic development in computing rational expectations, volatility, and general equilibrium. It then moves from traditional computing in economics and finance to recent developments in natural computing, including applications of nature-inspired intelligence, genetic programming, swarm intelligence, and fuzzy logic. Also examined are recent developments of network and agent-based computing in economics. How these approaches are applied is examined in chapters on such subjects as trading robots and automated markets. The last part deals with the epistemology of simulation in its trinity form with the integration of simulation, computation, and dynamics. Distinctive is the focus on natural computationalism and the examination of the implications of intelligent machines for the future of computational economics and finance. Not merely individual robots, but whole integrated systems are extending their "immigration" to the world of Homo sapiens, or symbiogenesis.
Download or read book The Oxford Handbook of Computational Economics and Finance written by Shu-Heng Chen and published by Oxford University Press. This book was released on 2018-01-12 with total page 785 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Computational Economics and Finance provides a survey of both the foundations of and recent advances in the frontiers of analysis and action. It is both historically and interdisciplinarily rich and also tightly connected to the rise of digital society. It begins with the conventional view of computational economics, including recent algorithmic development in computing rational expectations, volatility, and general equilibrium. It then moves from traditional computing in economics and finance to recent developments in natural computing, including applications of nature-inspired intelligence, genetic programming, swarm intelligence, and fuzzy logic. Also examined are recent developments of network and agent-based computing in economics. How these approaches are applied is examined in chapters on such subjects as trading robots and automated markets. The last part deals with the epistemology of simulation in its trinity form with the integration of simulation, computation, and dynamics. Distinctive is the focus on natural computationalism and the examination of the implications of intelligent machines for the future of computational economics and finance. Not merely individual robots, but whole integrated systems are extending their "immigration" to the world of Homo sapiens, or symbiogenesis.
Download or read book Economic Policy and the Financial Crisis written by Łukasz Mamica and published by Routledge. This book was released on 2014-03-26 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The consequences of the global economic crisis which started in the United States in 2007-08 are still being felt in most of the advanced economies, and the mainstream tools of recovery are not having the required results. It seems that many of the after-effects of the crisis, including the instability of the financial markets, increasing public debts and limited economic growth, require new solutions from both economic policy and theory. Lower aggregate demand during the crisis increased the pressure on firms to be more competitive and at the same time, the crisis in the banking system has had a negative impact on the willingness of financial institutions to give credit to companies for investment. Therefore, the key issue for current economic policy is to find a balance between the stabilisation of public finance and maintaining the momentum of long-term growth. This book offers an evolutionary-developmental analysis, combining elements of neo-Schumpeterian economics, institutional economics and post-Keynesian economics, to show that selection processes within an economy, and the institutional rules shaping those processes, are substantially more important than usually recognised by evolutionary economic theory. Two major challenges for economic theory and policy, in particular, have emerged during the crisis. The first is the rise of unemployment coupled with growing public deficits. The second is the financial instability which threatens the permanence of economic development. This book examines the performance of the advanced economies since the crisis and explores why some of them have been more successful in tackling these challenges than others. It is argued that the reasons for the varied performances of these economies lie in the economic policies which were introduced before and in the aftermath of the crisis and the differences in the regulation of their labour markets. This volume will be of interest to students and academics in the areas of macroeconomics, public economics and public management.
Download or read book Agent Based Modelling and Landscape Change written by James D. A. Millington and published by MDPI. This book was released on 2018-09-27 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a printed edition of the Special Issue "Agent-Based Modelling and Landscape Change" that was published in Land
Download or read book The Science and Art of Simulation I written by Michael M. Resch and published by Springer. This book was released on 2017-04-07 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new book series “The Science and Art of Simulation” (SAS) addresses computer simulations as a scientific activity and engineering artistry (in the sense of a technē). The first volume is devoted to three topics: 1. The Art of Exploring Computer Simulations Philosophy began devoting attention to computer simulations at a relatively early stage. Since then, the unquestioned point of view has been that computer simulation is a new scientific method; the philosophy of simulation is therefore part of the philosophy of science. The first section of this volume discusses this implicit, unchallenged assumption by addressing, from different perspectives, the question of how to explore (and how not to explore) research on computer simulations. Scientists discuss what is still lacking or considered problematic, while philosophers draft new directions for research, and both examine the art of exploring computer simulations. 2. The Art of Understanding Computer Simulations The results of computer simulations are integrated into both political and social decisions. It is implicitly assumed that the more detailed, and consequently more realistic, a computer simulation is, the more useful it will be in decision-making. However, this idea is by no means justified. Different types of computer simulations have to be differentiated, which in turn requires the specific skill of understanding computer simulation results. The articles in this section examine the capabilities and limits of simulation results in political and social contexts, exploring the art of understanding computer simulation results. 3. The Art of Knowing through Computer Simulations? The advent of computer simulation in today’s scientific practices challenges the order of science. What kind of knowledge is gained through computer simulations is the key question in this section. Computer simulations are often compared to experiments or to arguments, and the transformation of our traditional scientific notions might be more challenging than expected – these Ideas are put forward in the third section to conceptualize the art of knowing through computer simulations.
Download or read book Introduction to Agent Based Economics written by Mauro Gallegati and published by Academic Press. This book was released on 2017-08-03 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to Agent-Based Economics describes the principal elements of agent-based computational economics (ACE). It illustrates ACE's theoretical foundations, which are rooted in the application of the concept of complexity to the social sciences, and it depicts its growth and development from a non-linear out-of-equilibrium approach to a state-of-the-art agent-based macroeconomics. The book helps readers gain a better understanding of the limits and perspectives of the ACE models and their capacity to reproduce economic phenomena and empirical patterns. - Reviews the literature of agent-based computational economics - Analyzes approaches to agents' expectations - Covers one of the few large macroeconomic agent-based models, the Modellaccio - Illustrates both analytical and computational methodologies for producing tractable solutions of macro ACE models - Describes diffusion and amplification mechanisms - Depicts macroeconomic experiments related to ACE implementations
Download or read book Advances on Practical Applications of Agents and Multi Agent Systems written by Yves Demazeau and published by Springer. This book was released on 2013-04-17 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 11th International Conference on Practical Applications of Agents and Multi-Agent Systems, PAAMS 2013, held in Salamanca, Spain, in May 2013. The 14 revised full papers and 9 short papers presented together with 16 demonstrations were carefully reviewed and selected from 70 submissions. The papers report on the application and validation of agent-based models, methods, and technologies in a number of key application areas, including: agents for real world problems; crowd modeling and analysis; decision making and discovery; interaction with artificial agents; mobility, ubiquity and clouds; (multi-)agent design technology; and simulation and organization.
Download or read book Contemporary Issues in Macroeconomics written by Joseph E. Stiglitz and published by Springer. This book was released on 2016-04-29 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this edited collection, Joseph Stiglitz and Martin Guzman present a series of studies on contemporary macroeconomic issues. The book discusses a set of key lessons for macroeconomic theory following the recent global financial crisis and explores unconventional monetary policy in a post-crisis world. This volume is divided into five parts. The introduction includes keynote speeches by the Governors of the Bank of Japan and Central Bank of Jordan. Part one focuses on macroeconomic theory for understanding macroeconomic fluctuations and crises. Part two addresses the issue of the measurement of wealth. Part three discusses macroeconomic policies in times of crises. Finally, part four focuses on central banking and monetary policy.
Download or read book Innovation Networks for Regional Development written by Ben Vermeulen and published by Springer. This book was released on 2016-09-29 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together original research on the role of networks in regional economic development and innovation. It presents a comprehensive framework synthesizing extant theories, a palette of real-world cases in the aerospace, automotive, life science, biotechnology and health care industries, and fundamental agent-based computer models elucidating the relation between regional development and network dynamics. The book is primarily intended for researchers in the fields of innovation economics and evolutionary economic geography, and particularly those interested in using agent-based models and empirical case studies. However, it also targets (regional) innovation policy makers who are not only interested in policy recommendations, but also want to understand the state-of-the-art agent-based modeling methods used to experimentally arrive at said recommendations.
Download or read book Theory and Method of Evolutionary Political Economy written by Hardy Hanappi and published by Routledge. This book was released on 2017-01-12 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world is in turmoil, the dynamics of political economy seem to have entered a phase where a ‘return to normal’ cannot be expected. Since the financial crisis, conventional economic theory has proven itself to be rather helpless and political decision makers have become suspicious about this type of economic consultancy. This book offers a different approach. It promises to describe political and economic dynamics as interwoven as they are in real life and it adds to that an evolutionary perspective. The latter allows for a long-run view, which makes it possible to discuss the emergence and exit of social institutions. The essays in this volume explore the theoretical and methodological aspects of evolutionary political economy. In part one, the authors consider the foundational contributions of some of the great economists of the past, while the second part demonstrates the benefits of adopting the methods of computer simulation and agent-based modelling. Together, the contributions to this volume demonstrate the richness, diversity and great explanatory potential of evolutionary political economy. This volume is extremely useful for social scientists in the fields of economics, politics, and sociology who are interested to learn what evolutionary political economy is, how it proceeds and what it can provide.
Download or read book Advances in Social Simulation written by Harko Verhagen and published by Springer Nature. This book was released on 2020-04-30 with total page 507 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the state-of-the-art in social simulation as presented at the Social Simulation Conference 2018 in Stockholm, Sweden. It covers the developments in applications and methods of social simulation, addressing societal issues such as socio-ecological systems and policy making. Methodological issues discussed include large-scale empirical calibration, model sharing and interdisciplinary research, as well as decision making models, validation and the use of qualitative data in simulation modeling. Research areas covered include archaeology, cognitive science, economics, organization science, and social simulation education. This collection gives readers insight into the increasing use of social simulation in both its theoretical development and in practical applications such as policy making whereby modelling and the behavior of complex systems is key. The book will appeal to students, researchers and professionals in the various fields.
Download or read book Behavioural Macroeconomics written by Paul De Grauwe and published by Oxford University Press. This book was released on 2019-10-25 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern macroeconomics has been based on the paradigm of the rational individual capable of understanding the complexity of the world. This has created a very shallow theory of the business cycle in which nothing happens in the macroeconomy unless shocks occur from outside. Behavioural Macroeconomics: Theory and Policy uses a different paradigm. It assumes that individual agents experience cognitive limitations preventing them from having rational expectations. Instead these individuals use simple rules of behaviour. Behavioural Macroeconomics introduces rationality by allowing individuals to learn from their mistakes and to switch to the rules that perform better. It introduces the idea of endogenously generated "animals spirits" that drive the business cycle and are in turn influenced by it, and applies this model to shed new light on a number of important issues. It analyses the role of fiscal policy in stabilizing the economy while maintaining debt sustainability; expands the model to include a banking sector and show how banks amplify the booms and busts; and explains how animal spirits help to synchronize the business cycles across countries. The model set out in Behavioural Macroeconomics leads to very different policy implications from the mainstream macroeconomic model. It shows how policymakers have a responsibility to stabilize an otherwise unstable system.
Download or read book What s Right with Macroeconomics written by Robert M. Solow and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global crises are very rare events. After the Great Depression and the Great Stagflation, new macroeconomic paradigms associated with a new policy regime emerged. This book addresses how some macroeconomic ideas have failed, and examines which theories researchers should preserve and develop. It questions how the field of economics Ð still reeling from the global financial crisis initiated in the summer of 2007 Ð will respond. The contributors, nine highly-renowned macroeconomists, highlight the virtues of eclectic macroeconomics over an authoritarian normative approach, and illustrate that macroeconomic reasoning can still be a useful tool for carrying out practical policy analysis. As for emerging research programmes, their wide-ranging chapters remind us that there are positive approaches to and reasons to believe in old-fashioned macroeconomics. This challenging and thought-provoking book will prove a stimulating read for researchers, academics and students of economics, as well as for professional economists.
