Macroeconomics with heterogeneous agent models: fostering transparency, reproducibility and replication

Dawid, Herbert; Harting, Philipp; Hoog, Sander van der; Neugart, Michael

doi:10.1007/s00191-018-0594-0

Cited by 66 publications

(86 citation statements)

References 51 publications

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“…First, transparency, reproducibility and replication of the results generated by ABMs should be improved. Dawid et al (2019) in this special issue is a welcomed advancement in this respect.…”

Section: Towards a Complexity Macroeconomicsmentioning

confidence: 93%

“…First, on the input side, i.e. modeling assumptions about individual behaviors and interactions to make them more in tune with the observed ones, ABMs rely on laboratory experiments (Hommes, 2013;Anufriev et al, 2016), business practices (Dawid et al, 2019, in this special issue) and microeconomic empirical evidence (Dosi et al, 2016a). 25 ABMs can also be validated on the output side, by restricting the space of parameters and initial conditions to the range of values which allow the model to replicate the stylized facts of interest.…”

Section: Macroeconomic Agent-based Modelsmentioning

confidence: 99%

“…Finally, Dawid et al (2019) discuss how to improve the transparency, reproducibility and replication of the results generated by ABMs employing the Eurace@Unibi model (Dawid et al, 2012(Dawid et al, , 2014(Dawid et al, , 2018avan der Hoog and Dawid, 2017). They describe in details all decision rules, interaction protocols and balance sheet structures used in the model, and provide a virtual appliance to allow the reproducibility of simulation results.…”

Section: Macroeconomic Agent-based Modelsmentioning

confidence: 99%

“…There are also advancements to address validation and reproducibility problems as witnessed by the contribution of Dawid et al (2019) in this special issue.…”

Section: Ways Aheadmentioning

confidence: 99%

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More is different ... and complex! the case for agent-based macroeconomics

2019

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This work nests the Agent-Based macroeconomic perspective into the earlier history of macroeconomics. We discuss how the discipline in the 70's took a perverse path relying on models grounded on fictitious rational representative agent in order to try to pathetically circumvent aggregation and coordination problems. The Great Recession was a natural experiment for macroeconomics, showing the inadequacy of the predominant theoretical framework grounded on DSGE models. After discussing the pathological fallacies of the DSGE-based approach, we claim that macroeconomics should consider the economy as a complex evolving system, i.e. as an ecology populated by heterogenous agents, whose far-from-equilibrium interactions continuously change the structure of the system. This in turn implies that more is different: macroeconomics cannot be shrink to representative-agent micro, but agents' complex interactions lead to emergence of new phenomena and hierarchical structure at the macro level. This is what is taken into account by agent-based models, which provide a novel way to model complex economies from the bottom-up, with sound empirically-based microfoundations. We present the foundations of Agent-Based macroeconomics and we discuss how the contributions of this special issue push its frontier forward. Finally, we conclude by discussing the ways ahead for the fully acknowledgement of agent-based models as the standard way of theorizing in macroeconomics.

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Section: Towards a Complexity Macroeconomicsmentioning

confidence: 93%

Section: Macroeconomic Agent-based Modelsmentioning

confidence: 99%

Section: Macroeconomic Agent-based Modelsmentioning

confidence: 99%

“…There are also advancements to address validation and reproducibility problems as witnessed by the contribution of Dawid et al (2019) in this special issue.…”

Section: Ways Aheadmentioning

confidence: 99%

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More is different ... and complex! the case for agent-based macroeconomics

2019

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“…Our analysis takes static as well as dynamic forms of the economy. Such approach is fundamentally different from the main stream of modern studying of the Schumpeterian evolution which includes two paths of economic theorizing, i.e., neo-Schumpeterian research program (Hanusch, Pyka 2007;Day 2007;Andersen 2009;Foster 2011;Freeman 1982;Malerba, Orsenigo 1995, 1997Nelson 2016;Witt 2017) and Schumpeterian endogenous growth theory (Dosi et al 2010, Assenza et al 2015Dawid et al 2019;Almudi et al 2019aAlmudi et al , 2019b. The difference can be seen in the mathematical setting based on the set-theoretical and topological apparatus which is borrowed from general equilibrium theory.…”

Section: Introductionmentioning

confidence: 99%

Eco-Mechanisms Within Economic Evolution – Schumpeterian Approach

Lipieta

Malawski

2020

Preprint

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Abstract Supporting eco-innovations and economic eco-activities is one of a very important challenge to decision makers. The above is related to the problem of specification of mechanisms resulting in introducing eco-innovations.The original vision of the economic evolution determined by innovation was firstly presented by Joseph Schumpeter who identified essential innovative changes as well as indicated different mechanisms governing the economic evolution.The aim of the paper is to suggest a cohesive topological approach maintained in the stream of Schumpeter’s thought, to study changes in the economy, which result in the elimination of at least one harmful commodity or technology from the market, by incorporating Hurwicz apparatus in a suitably modified competitive economy.Qualitative properties of mechanisms which can occur within the economic evolution are also analyzed.JEL: D41, D50, O31

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Agent‐based modeling to integrate elements from different disciplines for ambitious climate policy

Savin

Creutzig

Filatova

et al. 2022

WIREs Climate Change

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Ambitious climate mitigation policies face social and political resistance. One reason is that existing policies insufficiently capture the diversity of relevant insights from the social sciences about potential policy outcomes. We argue that agent-based models can serve as a powerful tool for integration of elements from different disciplines. Having such a common platform will enable a more complete assessment of climate policies, in terms of criteria like effectiveness, equity and public support.

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Macroeconomics with heterogeneous agent models: fostering transparency, reproducibility and replication

Cited by 66 publications

References 51 publications

More is different ... and complex! the case for agent-based macroeconomics

More is different ... and complex! the case for agent-based macroeconomics

Eco-Mechanisms Within Economic Evolution – Schumpeterian Approach

Agent‐based modeling to integrate elements from different disciplines for ambitious climate policy

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