By Andrea Consiglio
Agent-based computational modeling with its intrinsic multidisciplinary technique is gaining expanding reputation within the social sciences, relatively in economics, company and finance. The method is now prevalent to compute analytical versions numerically and try them for departures from theoretical assumptions, and to supply stand-alone simulation versions for difficulties which are analytically intractable.This quantity is dedicated to contemporary contributions to the sector from either the social sciences and desktop sciences. It offers functions of agent-based computational methodologies and instruments within the social sciences, focusing strongly at the makes use of, specifications and constraints of agent-based versions hired through social scientists. themes comprise agent-based macroeconomics, the emergence of norms and conventions, the dynamics of social and financial networks, and behavioral versions in monetary markets.
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Additional info for Artificial Markets Modeling: Methods and Applications (Lecture Notes in Economics and Mathematical Systems)
The paper is organized as follows. The model is outlined in Section 2. Computational experiments and results are discussed in Section 3. Section 4 provides some concluding remarks. 2 The model The model is composed by a labor, a goods and a credit market. Households supply the labor force in the labor market and are organized in a trade union that sets the nominal wage. , a minimum real wage in order to apply for a job. A monopolistic ﬁrm hires workers to produce the scheduled quantity of output.
2 Banks Banks extend loans to ﬁrms being limited by a Basel like rule. Bank’s j balance sheet is Ljt = Djt + Ejt where Ljt = i∈ω Lit is the total loan of the bank (ω is the bank’s set of costumers), and Djt and Ejt are the bank’s deposits and equity base respectively. The bank realizes B given by the diﬀerence between the interest an economic result πjt earned on loans (rLjt) and the one paid on deposits (r D Djt ) and to shareholders (r E Ejt ). It has further losses if any of its costumers goes bankrupt.
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