Related papers: Tipping points in macroeconomic Agent-Based models
Agent-based simulators (ABS) are a popular epidemiological modelling tool to study the impact of various non-pharmaceutical interventions in managing an epidemic in a city (or a region). They provide the flexibility to accurately model a…
In this paper we present an agent-based model (ABM) of scientific inquiry aimed at investigating how different social networks impact the efficiency of scientists in acquiring knowledge. As such, the ABM is a computational tool for tackling…
General equilibrium is the dominant theoretical framework for economic policy analysis at the level of the whole economy. In practice, general equilibrium treats economies as being always in equilibrium, albeit in a sequence of equilibria…
One of the aims of systems biology is to build multiple layered and multiple scale models of living systems which can efficiently describe phenomena occurring at various level of resolution. Such models should consist of layers of various…
This article extends the preprint "Characterizing Agent-Based Model Dynamics via $\epsilon$-Machines and Kolmogorov-Style Complexity" by introducing diffusion models as orthogonal and complementary tools for characterizing the output of…
This review synthesizes recent advancements in understanding tipping points and cascading transitions within the Earth system, framing them through the lens of nonlinear dynamics and complexity science. It outlines the fundamental concepts…
The study of social emergence has long been a central focus in social science. Traditional modeling approaches, such as rule-based Agent-Based Models (ABMs), struggle to capture the diversity and complexity of human behavior, particularly…
This study investigates the spatial integration of agent-based models (ABMs) and compartmental models for infectious disease modeling, presenting a novel hybrid approach and examining its implications. ABMs offer detailed insights by…
An agent-based modelling methodology for the joint price evolution of two stocks is put forward. The method models future multidimensional price trajectories reflecting how a class of agents rebalance their portfolios in an operational way…
A micro-level agent-based model of innovation diffusion was developed that explicitly combines (a) an individual's perception of the advantages or relative utility derived from adoption, and (b) social influence from members of the…
Simulation serves as a third way of doing science, in contrast to both induction and deduction. The web based modeling may considerably facilitate the execution of simulations by other people. We present examples of agent-based and…
Innovation diffusion has been studied extensively in a variety of disciplines, including sociology, economics, marketing, ecology, and computer science. Traditional literature on innovation diffusion has been dominated by models of…
We investigate the full dynamics of capital allocation and wealth distribution of heterogeneous agents in a frictional economy during booms and busts using tools from mean-field games. Two groups in our models, namely the expert and the…
With rising global temperatures Earth's tipping elements are becoming increasingly more vulnerable to crossing their critical thresholds. The reaching of such tipping points does not only impact other tipping elements through their…
We address the problem of banking system resilience by applying off-equilibrium statistical physics to a system of particles, representing the economic agents, modelled according to the theoretical foundation of the current banking…
This article proposes a fundamental methodological shift in the modelling of policy interventions for sustainability transitions in order to account for complexity (e.g. self-reinforcing mechanism arising from multi-agent interactions) and…
In a financial market, for agents with long investment horizons or at times of severe market stress, it is often changes in the asset price that act as the trigger for transactions or shifts in investment position. This suggests the use of…
We propose a stochastic dynamic model of migration and economic aggregation in a system of employed (immobile) and unemployed (mobile) agents which respond to local wage gradients. Dependent on the local economic situation, described by a…
Agent-based models (ABMs) are valuable for modelling complex, potentially out-of-equilibria scenarios. However, ABMs have long suffered from the Lucas critique, stating that agent behaviour should adapt to environmental changes.…
We propose that a tree-like hierarchical structure represents a simple and effective way to model the emergent behaviour of financial markets, especially markets where there exists a pronounced intersection between social media influences…