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Our mission is to help computational modelers at all levels engage in the establishment and adoption of community standards and good practices for developing and sharing computational models. Model authors can freely publish their model source code in the Computational Model Library alongside narrative documentation, open science metadata, and other emerging open science norms that facilitate software citation, reproducibility, interoperability, and reuse. Model authors can also request peer review of their computational models to receive a DOI.
All users of models published in the library must cite model authors when they use and benefit from their code.
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We also maintain a curated database of over 7500 publications of agent-based and individual based models with additional detailed metadata on availability of code and bibliometric information on the landscape of ABM/IBM publications that we welcome you to explore.
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Peer reviewed Price Evolution with Expectations
J Applegate Gesine Steudel Armin Haas Carlo Jaeger | Published Friday, September 10, 2021The 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.