Related papers: Tipping points in macroeconomic Agent-Based models
Norms are known to be a major factor determining humans behavior. It's also shown that norms can be quite effective tool for building agent-based societies. Various normative architectures have been proposed for designing normative…
The agent-based Yard-Sale model of wealth inequality is generalized to incorporate exponential economic growth and its distribution. The distribution of economic growth is nonuniform and is determined by the wealth of each agent and a…
Agent-Based Models (ABMs) are used in several fields to study the evolution of complex systems from micro-level assumptions. However, ABMs typically can not estimate agent-specific (or "micro") variables: this is a major limitation which…
The climate is a complex non-equilibrium dynamical system that relaxes toward a steady state under the continuous input of solar radiation and dissipative mechanisms. The steady state is not necessarily unique. A useful tool to describe the…
The history of research in finance and economics has been widely impacted by the field of Agent-based Computational Economics (ACE). While at the same time being popular among natural science researchers for its proximity to the successful…
Designing a financial market that works well is very important for developing and maintaining an advanced economy, but is not easy because changing detailed rules, even ones that seem trivial, sometimes causes unexpected large impacts and…
Agent Based Modelling (ABM) is a computational framework for simulating the behaviours and interactions of autonomous agents. As Agent Based Models are usually representative of complex systems, obtaining a likelihood function of the model…
This study simulates the evolution of artificial economies in order to understand the tax relevance of administrative boundaries in the quality of life of its citizens. The modeling involves the construction of a computational algorithm,…
Interest in agent-based models of financial markets and the wider economy has increased consistently over the last few decades, in no small part due to their ability to reproduce a number of empirically-observed stylised facts that are not…
This paper describes a formalization of agent-based models (ABMs) as random walks on regular graphs and relates the symmetry group of those graphs to a coarse-graining of the ABM that is still Markovian. An ABM in which $N$ agents can be in…
In this work, we analyze the circumstances under which social influence operations are likely to succeed. These circumstances include the selection of Confederate agents to execute intentional perturbations and the selection of Perturbation…
Calibrating agent-based models (ABMs) to data is among the most fundamental requirements to ensure the model fulfils its desired purpose. In recent years, simulation-based inference methods have emerged as powerful tools for performing this…
We present an overview of some representative Agent-Based Models in Economics. We discuss why and how agent-based models represent an important step in order to explain the dynamics and the statistical properties of financial markets beyond…
The average economic agent is often used to model the dynamics of simple markets, based on the assumption that the dynamics of many agents can be averaged over in time and space. A popular idea that is based on this seemingly intuitive…
This paper presents a novel Darwinian Agent-Based Modeling (ABM) methodology formacroeconomic forecasting that leverages evolutionary principles to achieve remarkablecomputational efficiency and emergent realism. Unlike conventional DSGE…
We consider the dynamics and the interactions of multiple reinforcement learning optimal execution trading agents interacting with a reactive Agent-Based Model (ABM) of a financial market in event time. The model represents a market ecology…
This paper proposes a methodology to empirically validate an agent-based model (ABM) that generates artificial financial time series data comparable with real-world financial data. The approach is based on comparing the results of the ABM…
An agent-based model with interacting low frequency liquidity takers inter-mediated by high-frequency liquidity providers acting collectively as market makers can be used to provide realistic simulated price impact curves. This is possible…
Agent-based models (ABMs) simulate the formation and evolution of social processes at a fundamental level by decoupling agent behavior from global observations. In the case where ABM networks evolve over time as a result of (or in…
Various subsystems of the Earth system may undergo critical transitions by passing a so-called tipping point, under sustained changes to forcing. For example, the Atlantic Meridional Overturning Circulation (AMOC) is of particular…