Computational Model Library

Displaying 3 of 3 results for 'Gesine%20Steudel'

Peer reviewed Agent-Based Ramsey growth model with endogenous technical progress (ABRam-T)

Aida Sarai Figueroa Alvarez Sarah Wolf Malika Tokpanova | Published Wednesday, February 14, 2024 | Last modified Monday, February 19, 2024

The Agent-Based Ramsey growth model is designed to analyze and test a decentralized economy composed of utility maximizing agents, with a particular focus on understanding the growth dynamics of the system. We consider farms that adopt different investment strategies based on the information available to them. The model is built upon the well-known Ramsey growth model, with the introduction of endogenous technical progress through mechanisms of learning by doing and knowledge spillovers.

The Mobility Transition Model (MoTMo) is a large scale agent-based model to simulate the private mobility demand in Germany until 2035. Here, we publish a very much reduced version of this model (R-MoTMo) which is designed to demonstrate the basic modelling ideas; the aim is by abstracting from the (empirical, technological, geographical, etc.) details to examine the feed-backs of individual decisions on the socio-technical system.

The Price Evolution with Expectations model provides the opportunity to explore the question of non-equilibrium market dynamics, and how and under which conditions an economic system converges to the classically defined economic equilibrium. To accomplish this, we bring together two points of view of the economy; the classical perspective of general equilibrium theory and an evolutionary perspective, in which the current development of the economic system determines the possibilities for further evolution.

The Price Evolution with Expectations model consists of a representative firm producing no profit but producing a single good, which we call sugar, and a representative household which provides labour to the firm and purchases sugar.The model explores the evolutionary dynamics whereby the firm does not initially know the household demand but eventually this demand and thus the correct price for sugar given the household’s optimal labour.

The model can be run in one of two ways; the first does not include money and the second uses money such that the firm and/or the household have an endowment that can be spent or saved. In either case, the household has preferences for leisure and consumption and a demand function relating sugar and price, and the firm has a production function and learns the household demand over a set number of time steps using either an endogenous or exogenous learning algorithm. The resulting equilibria, or fixed points of the system, may or may not match the classical economic equilibrium.

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