Agent and Economy
Can a Representative-Agent Model Represent a Heterogeneous-Agent Economy?
... (2) economy-wide time-varying preferences, and (3) failure of market ...model economy consists of heterogeneous agents and the individual optimality conditions are hard to aggregate, an attempt to account ...
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Liquidity and welfare in a heterogeneous-agent economy
... U = 1 log (w) + ( 1) 2 N ; (36) where N = (1 ) 1 1 (1 (1 ) ) 1 is the Pareto-optimal employment under the Friedman rule. The e¤ects of in‡ation on the model economy are graphed in Figure 2. The upper left window ...
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Macroprudential policies in an agent-based artificial economy
... Eurace agent-based macroeconomic model and sim- ulator has been recently showed to be able to reproduce a credit-fueled boom-bust dynamics where excessive bank leverages, while benefitting in the short term, have ...
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Macroprudential policies in an agent-based artificial economy
... Eurace agent-based macroeconomic model and sim- ulator has been recently showed to be able to reproduce a credit-fueled boom-bust dynamics where excessive bank leverages, while benefitting in the short term, have ...
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Principal-Agent Relationship, Uncertain Results and the Moral Economy
... moral economy. The results showed that the principal-agent relationship in mining produced a moral ...moral economy demands the work of miners must be able to meet the everyday demands of miners and ...
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Implementation of the ordinal shapley value for a three-agent economy
... the economy without the proposer (and where the concessions have been added to or substracted from their initial endowment); second, by Lemma 1 (a), agents in a two-agent economy are indifferent among ...
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EURACE: A Massively Parallel Agent-Based Model of the European Economy
... 5 Conclusion Within the EURACE Project we are building an extremely large and compli- cated model of a much larger and more complicated real system – the European economy. It would be presumptuous to expect that ...
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An artificial economy based on reinforcement learning and agent based modeling
... Keywords: reinforcement learning; agent-based modeling; computational economics 1. Introduction In the last decades there was a relative growth of the economic studies about individual learning. Rational ...
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Multi-agent negotiation to support an economy for online help and tutoring
... In order to evaluate the principal usefulness of an economic model to motivate users a version of I-Help was developed, which was used as a basis for comparison for the negotiation approaches. This system was applied in ...
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EURACE: A Massively Parallel Agent-Based Model of the European Economy
... Our focus on the emergence of macro-behavior from the local, micro-interactions explains why we place so much emphasis on being able to simulate extremely large economies. This is because in a complex system many ...
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Optimal money demand in a heterogeneous-agent cash-in-advance economy
... aggregate economy reacts positively to transitory monetary shocks because monetary in- jections stimulate consumption for liquidity-constrained individuals but not for cash-rich agents; thus, the aggregate price ...
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Fiscal Policy Effects in a Heterogeneous-Agent OLG Economy with an Aging Population
... 6 Concluding Remarks This paper incorporates historical and projected demographic changes, provided by the U.S. Social Se- curity Administration, to a heterogeneous-agent OLG model with uninsurable wage and ...
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Housing Market Bubbles and Business Cycles in an Agent-Based Credit Economy
... an agent-based model of a credit network ...artificial economy includes different economic agents that interact using simple behavioral rules through various markets, ...artificial economy becomes ...
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Fiscal policy effects in a heterogeneous-agent OLG economy with an aging population
... 6 Concluding Remarks This paper incorporates historical and projected demographic changes, provided by the U.S. Social Se- curity Administration, to a heterogeneous-agent OLG model with uninsurable wage and ...
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Government Debt, Agent Heterogeneity and Wealth Displacement in a Small Open Economy
... Debt, Agent Heterogeneity and Wealth Displacement in a Small Open Economy Summary The consequences of government debt on capital formation, financial wealth and labor are investigated in a small open ...
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Agent-Based Modeling of a Non-tâtonnement Process for the Scarf Economy: The Role of Learning
... To understand the underlying mechanism, notice that there are two distinct effects: the stabilizing effect exerted by the imitators and the explosive effect of the pure innovators. The group of imitators among themselves ...
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The linkage between financial market and real economy : the analysis with an agent based simulation
... real economy and in turn also has a profound effect on the financial ...an agent-based model, which allows us to explain some key elements occurred during the recent economic and financial ...
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ISIL KARABEY UGUR GUVEN ADAR AGENT-BASED E-COMMERCE AND ITS CONTRIBUTION TO ECONOMY
... AGENT-BASED E-COMMERCE AND ITS CONTRIBUTION TO ECONOMY Abstract: Today the importance of e-commerce increases in line with the rise in the number of internet users. The complexity and the excess of ...
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Labour as an Agent of Production: A Classical Economy Perspective
... 6 Emerged after Henry Ford (1863-1947), method of industrial management based on assembly-line methods of production of cheap, uniform commodities in high volume, and winning employee loyalty with good wages, but ...
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The Toll of Subrational Trading in an Agent Based Economy
... no agent can conceivably know all the risk tolerances of his peers in the ...no agent knows at the inception of trading if he should be a net buyer or seller, as his final endowment de- pends ultimaltely on ...
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