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http://hdl.handle.net/10419/66136
  

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dc.contributor.authorWesterhoff, Franken_US
dc.contributor.authorFranke, Reineren_US
dc.date.accessioned2012-11-09en_US
dc.date.accessioned2012-11-09T11:04:39Z-
dc.date.available2012-11-09T11:04:39Z-
dc.date.issued2012en_US
dc.identifier.isbn978-3-943153-02-6en_US
dc.identifier.urihttp://hdl.handle.net/10419/66136-
dc.description.abstractWith the help of two examples, we illustrate the usefulness of agent-based models as a tool for economic policy design. In our first example, we apply a financial market model in which the order flow of speculators, relying on technical and fundamental analysis, generates intricate price dynamics. In our second example, we apply a Keynesian-type goods market model in which the investment behavior of firms, relying on extrapolative and regressive predictors, generates complex business cycles. We add a central authority to these two setups and explore the impact of simple intervention strategies on the model dynamics. Based on these experiments, we conclude that agent-based models may help us to understand how markets function and to evaluate the effectiveness of various stabilization policies.en_US
dc.language.isoengen_US
dc.publisherBERG Bambergen_US
dc.relation.ispartofseriesBERG Working Paper Series 88en_US
dc.subject.jelC63en_US
dc.subject.jelD84en_US
dc.subject.jelE32en_US
dc.subject.jelG12en_US
dc.subject.ddc330en_US
dc.subject.keywordAgent-based modelsen_US
dc.subject.keywordEconomic policy designen_US
dc.subject.keywordFinancial marketsen_US
dc.subject.keywordGoods marketsen_US
dc.subject.keywordSimulation analysisen_US
dc.titleAgent-based models for economic policy design: Two illustrative examplesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn729497356en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:bamber:88-
Appears in Collections:BERG Working Paper Series, Universität Bamberg

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