Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/66136 
Full metadata record
DC FieldValueLanguage
dc.contributor.authorWesterhoff, Franken
dc.contributor.authorFranke, Reineren
dc.date.accessioned2012-11-09-
dc.date.accessioned2012-11-09T11:04:39Z-
dc.date.available2012-11-09T11:04:39Z-
dc.date.issued2012-
dc.identifier.isbn978-3-943153-02-6en
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
dc.language.isoengen
dc.publisher|aBamberg University, Bamberg Economic Research Group (BERG) |cBambergen
dc.relation.ispartofseries|aBERG Working Paper Series |x88en
dc.subject.jelC63en
dc.subject.jelD84en
dc.subject.jelE32en
dc.subject.jelG12en
dc.subject.ddc330en
dc.subject.keywordAgent-based modelsen
dc.subject.keywordEconomic policy designen
dc.subject.keywordFinancial marketsen
dc.subject.keywordGoods marketsen
dc.subject.keywordSimulation analysisen
dc.titleAgent-based models for economic policy design: Two illustrative examples-
dc.typeWorking Paperen
dc.identifier.ppn729497356en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bamber:88en

Files in This Item:
File
Size
381.32 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.