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The Modern Wage Dynamics Model is a generative model of coupled economic production and allocation systems. Each simulation describes a series of interactions between a single aggregate firm and a set of households through both labour and goods markets. The firm produces a representative consumption good using labour provided by the households, who in turn purchase these goods as desired using wages earned, thus the coupling.
Each model iteration the firm decides wage, price and labour hours requested. Given price and wage, households decide hours worked based on their utility function for leisure and consumption. A labour market construct chooses the minimum of hours required and aggregate hours supplied. The firm then uses these inputs to produce goods. Given the hours actually worked, the households decide actual consumption and a market chooses the minimum of goods supplied and aggregate demand. The firm uses information gained through observing market transactions about consumption demand to refine their conceptions of the population’s demand.
The purpose of this model is to explore the general behaviour of an economy with coupled production and allocation systems, as well as to explore the effects of various policies on wage and production, such as minimum wage, tax credits, unemployment benefits, and universal income.
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.
A curious aspect of the Covid-19 pandemic is the clustering of outbreaks. Evidence suggests that 80\% of people who contract the virus are infected by only 19% of infected individuals, and that the majority of infected individuals faile to infect another person. Thus, the dispersion of a contagion, $k$, may be of more use in understanding the spread of Covid-19 than the reproduction number, R0.
The Virus Transmission with Super-spreaders model, written in NetLogo, is an adaptation of the canonical Virus Transmission on a Network model and allows the exploration of various mitigation protocols such as testing and quarantines with both homogenous transmission and heterogenous transmission.
The model consists of a population of individuals arranged in a network, where both population and network degree are tunable. At the start of the simulation, a subset of the population is initially infected. As the model runs, infected individuals will infect neighboring susceptible individuals according to either homogenous or heterogenous transmission, where heterogenous transmission models super-spreaders. In this case, k is described as the percentage of super-spreaders in the population and the differing transmission rates for super-spreaders and non super-spreaders. Infected individuals either recover, at which point they become resistant to infection, or die. Testing regimes cause discovered infected individuals to quarantine for a period of time.
The purpose of this model is to explore the dynamics of residency and eviction for households renting in the greater Phoenix (Arizona) metropolitan area. The model uses a representative population of renters modified from American Community Survey (ACS) data that includes demographic, housing and economic information. Each month, households pay their subsistence, rental and utility bills. If a household is unable to pay their monthly rent or utility bill they apply for financial assistance. This model provides a platform to understand the impact of various economic shock upon households. Also, the model includes conditions that occurred as a result of the Covid-19 pandemic which allows for the study of eviction mitigation strategies that were employed, such as the eviction moratorium and stimulus payments. The model allows us to make preliminary predictions concerning the number of households that may be evicted once the moratorium on evictions ends and the long-term effects on the number of evicted households in the greater Phoenix area going forward.
The General Housing Model demonstrates a basic housing market with bank lending, renters, owners and landlords. This model was developed as a base to which students contributed additional functions during Arizona State University’s 2020 Winter School: Agent-Based Modeling of Social-Ecological Systems.
The Emergent Firm (EF) model is based on the premise that firms arise out of individuals choosing to work together to advantage themselves of the benefits of returns-to-scale and coordination. The Emergent Firm (EF) model is a new implementation and extension of Rob Axtell’s Endogenous Dynamics of Multi-Agent Firms model. Like the Axtell model, the EF model describes how economies, composed of firms, form and evolve out of the utility maximizing activity on the part of individual agents. The EF model includes a cash-in-advance constraint on agents changing employment, as well as a universal credit-creating lender to explore how costs and access to capital affect the emergent economy and its macroeconomic characteristics such as firm size distributions, wealth, debt, wages and productivity.
The SWE models firms search behaviour as the performance landscape shifts. The shift represents society’s pricing of negative externalities, and the performance landscape is an NK structure. The model is written in NetLogo.
The purpose of this model is to explore the effects of different power structures on a cross-functional team’s prosocial decision making. Are certain power distributions more conducive to the team making prosocial decisions?