Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/308759 
Year of Publication: 
2024
Series/Report no.: 
Working Papers in Economics and Management No. 04-2024
Publisher: 
Bielefeld University, Faculty of Business Administration and Economics, Bielefeld
Abstract: 
In this paper we examine the role of the design of behavioral rules in agent-based macroeconomic modeling. Based on clear theoretical foundations, we develop a general representation of the behavioral rules governing price and quantity decisions of firms and show how rules used in four main families of agent-based macroeconomic models can be interpreted as special cases of these general rules. We embed the four variations of these rules into a calibrated agent-based macroeconomic framework and show that they all yield qualitatively very similar dynamics in business-as-usual times. However, the impact of demand, cost, and productivity shocks differ substantially depending on which of the four variants of the price and quantity rules are used.
Subjects: 
agent-based macroeconomics
behavioral rules
pricing
forecasting
Persistent Identifier of the first edition: 
Creative Commons License: 
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Document Type: 
Working Paper

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