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Displaying 10 of 56 results economics clear
We introduce a model of prediction markets that uses opinion dynamics as its underlying mechanism for price formation. We base the opinion dynamics on the Deffuant model of bounded rationality. We have used this model to show that price formation in prediction markets can be robustly explained by opinion dynamics, and that the model can also explain phase transitions depending on just two parameters.
This package implements a simplified non-calibrated agent-based demographic model of the UK. Individuals of an initial population are subject to ageing, deaths, births, divorces and marriages. The main purpose of the model is to explore and exploit capabilities of the state-of-the-art Agents.jl Julia package. Additionally, the model can serve as a base model to be adjusted to realistic large-scale socio-economics, pandemics or social interactions-based studies mainly within a demographic context. A specific case-study simulation is progressed with a user-defined simulation fixed step size on a hourly, daily, weekly, monthly basis or even an arbitrary user-defined clock rate.
The fight against poverty is an urgent global challenge. Microinsurance is promoted as a valuable instrument for buffering income losses due to health or climate-related risks of low-income households in developing countries. However, apart from direct positive effects they can have unintended side effects when insured households lower their contribution to traditional arrangements where risk is shared through private monetary support.
RiskNetABM is an agent-based model that captures dynamics between income losses, insurance payments and informal risk-sharing. The model explicitly includes decisions about informal transfers. It can be used to assess the impact of insurance products and informal risk-sharing arrangements on the resilience of smallholders. Specifically, it allows to analyze whether and how economic needs (i.e. level of living costs) and characteristics of extreme events (i.e. frequency, intensity and type of shock) influence the ability of insurance and informal risk-sharing to buffer income shocks. Two types of behavior with regard to private monetary transfers are explicitly distinguished: (1) all households provide transfers whenever they can afford it and (2) insured households do not show solidarity with their uninsured peers.
The model is stylized and is not used to analyze a particular case study, but represents conditions from several regions with different risk contexts where informal risk-sharing networks between smallholder farmers are prevalent.
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A replication in Netlogo 5.2 of the classic model, Sugarscape (Epstein & Axtell, 1996).
This is a preliminary attempt in creating an Agent-Based Model of capital flows. This is based on the theory of capital flows based on interest-rate differentials. Foreign capital flows to a country with higher interest rates relative to another. The model shows how capital volatilty and wealth concentration are affected by the speed of capital flow, number of investors, magnitude of changes in interest rate due to capital flows and the interest differential threshold that investors set in deciding whether to move capital or not. Investors in the model are either “regional” investors (only investing in neighboring countries) and “global” investors (those who invest anywhere in the world).
In the future, the author hopes to extend this model to incorporate capital flow based on changes in macroeconomic fundamentals, exchange rate volatility, behavioral finance (for instance, herding behavior) and the presence of capital controls.
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.
This is the agent-based model of information market evolution. It simulates the influences of the transition from material to electronic carriers of information, which is modelled by the falling price of variable production factor. It demonstrates that due to zero marginal production costs, the competition increases, the market becomes unstable, and experience various phases of evolution leading to market monopolization.
This project was developed during the Santa Fe course Introduction to Agent-Based Modeling 2022. The origin is a Cellular Automata (CA) model to simulate human interactions that happen in the real world, from Rubens and Oliveira (2009). These authors used a market research with real people in two different times: one at time zero and the second at time zero plus 4 months (longitudinal market research). They developed an agent-based model whose initial condition was inherited from the results of the first market research response values and evolve it to simulate human interactions with Agent-Based Modeling that led to the values of the second market research, without explicitly imposing rules. Then, compared results of the model with the second market research. The model reached 73.80% accuracy.
In the same way, this project is an Exploratory ABM project that models individuals in a closed society whose behavior depends upon the result of interaction with two neighbors within a radius of interaction, one on the relative “right” and other one on the relative “left”. According to the states (colors) of neighbors, a given cellular automata rule is applied, according to the value set in Chooser. Five states were used here and are defined as levels of quality perception, where red (states 0 and 1) means unhappy, state 3 is neutral and green (states 3 and 4) means happy.
There is also a message passing algorithm in the social network, to analyze the flow and spread of information among nodes. Both the cellular automaton and the message passing algorithms were developed using the Python extension. The model also uses extensions csv and arduino.
This model/program presents a “three industry model” that may be particularly useful for macroeconomic simulations. The main purpose of this program is to demonstrate a mechanism in which the relative share of labor shifts between industries.
Care has been taken so that it is written in a self-documenting way so that it may be useful to anyone that might build from it or use it as an example.
This model is not intended to match a specific economy (and is not calibrated to do so) but its particular minimalist implementation may be useful for future research/development.
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ViSA simulates the decision behaviors of different stakeholders showing demands for ecosystem services (ESS) in agricultural landscape. The lack of sufficient supply of ESSs triggers stakeholders to apply different management options to increase their supply. However, while attempting to reduce the supply-demand gap, conflicts arise among stakeholders due to the tradeoff nature of some ESS. ViSA investigates conditions and scenarios that can minimize such supply-demand gap while reducing the risk of conflicts by suggesting different mixes of management options and decision rules.
Displaying 10 of 56 results economics clear