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https://hdl.handle.net/10419/66136
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Westerhoff, Frank | en |
dc.contributor.author | Franke, Reiner | en |
dc.date.accessioned | 2012-11-09 | - |
dc.date.accessioned | 2012-11-09T11:04:39Z | - |
dc.date.available | 2012-11-09T11:04:39Z | - |
dc.date.issued | 2012 | - |
dc.identifier.isbn | 978-3-943153-02-6 | en |
dc.identifier.uri | http://hdl.handle.net/10419/66136 | - |
dc.description.abstract | With 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.iso | eng | en |
dc.publisher | |aBamberg University, Bamberg Economic Research Group (BERG) |cBamberg | en |
dc.relation.ispartofseries | |aBERG Working Paper Series |x88 | en |
dc.subject.jel | C63 | en |
dc.subject.jel | D84 | en |
dc.subject.jel | E32 | en |
dc.subject.jel | G12 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Agent-based models | en |
dc.subject.keyword | Economic policy design | en |
dc.subject.keyword | Financial markets | en |
dc.subject.keyword | Goods markets | en |
dc.subject.keyword | Simulation analysis | en |
dc.title | Agent-based models for economic policy design: Two illustrative examples | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 729497356 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:bamber:88 | en |
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