The model’s aim is to represent the price dynamics under very simple market conditions, given the values adopted by the user for the model parameters. We suppose the market of a financial asset contains agents on the hypothesis they have zero-intelligence. In each period, a certain amount of agents are randomly selected to participate to the market. Each of these agents decides, in a equiprobable way, between proposing to make a transaction (talk = 1) or not (talk = 0). Again in an equiprobable way, each participating agent decides to speak on the supply (ask) or the demand side (bid) of the market, and proposes a volume of assets, where this number is drawn randomly from a uniform distribution. The granularity depends on various factors, including market conventions, the type of assets or goods being traded, and regulatory requirements. In some markets, high granularity is essential to capture small price movements accurately, while in others, coarser granularity is sufficient due to the nature of the assets or goods being traded

The Modern Wage Dynamics Model is a generative model of coupled economic production and allocation systems. Each simulation describes a series of interactions between a single aggregate firm and a set of households through both labour and goods markets. The firm produces a representative consumption good using labour provided by the households, who in turn purchase these goods as desired using wages earned, thus the coupling.

Each model iteration the firm decides wage, price and labour hours requested. Given price and wage, households decide hours worked based on their utility function for leisure and consumption. A labour market construct chooses the minimum of hours required and aggregate hours supplied. The firm then uses these inputs to produce goods. Given the hours actually worked, the households decide actual consumption and a market chooses the minimum of goods supplied and aggregate demand. The firm uses information gained through observing market transactions about consumption demand to refine their conceptions of the population’s demand.

The purpose of this model is to explore the general behaviour of an economy with coupled production and allocation systems, as well as to explore the effects of various policies on wage and production, such as minimum wage, tax credits, unemployment benefits, and universal income.

…

The SIM-VOLATILE model is a technology adoption model at the population level. The technology, in this model, is called Volatile Fatty Acid Platform (VFAP) and it is in the frame of the circular economy. The technology is considered an emerging technology and it is in the optimization phase. Through the adoption of VFAP, waste-treatment plants will be able to convert organic waste into high-end products rather than focusing on the production of biogas. Moreover, there are three adoption/investment scenarios as the technology enables the production of polyhydroxyalkanoates (PHA), single-cell oils (SCO), and polyunsaturated fatty acids (PUFA). However, due to differences in the processing related to the products, waste-treatment plants need to choose one adoption scenario.

In this simulation, there are several parameters and variables. Agents are heterogeneous waste-treatment plants that face the problem of circular economy technology adoption. Since the technology is emerging, the adoption decision is associated with high risks. In this regard, first, agents evaluate the economic feasibility of the emerging technology for each product (investment scenarios). Second, they will check on the trend of adoption in their social environment (i.e. local pressure for each scenario). Third, they combine these two economic and social assessments with an environmental assessment which is their environmental decision-value (i.e. their status on green technology). This combination gives the agent an overall adaptability fitness value (detailed for each scenario). If this value is above a certain threshold, agents may decide to adopt the emerging technology, which is ultimately depending on their predominant adoption probabilities and market gaps.

Policymakers decide on alternative policies facing restricted budgets and uncertain future. Designing public policies is further difficult due to the need to decide on priorities and handle effects across policies. Housing policies, specifically, involve heterogeneous characteristics of properties themselves and the intricacy of housing markets and the spatial context of cities. We propose PolicySpace2 (PS2) as an adapted and extended version of the open source PolicySpace agent-based model. PS2 is a computer simulation that relies on empirically detailed spatial data to model real estate, along with labor, credit, and goods and services markets. Interaction among workers, firms, a bank, households and municipalities follow the literature benchmarks to integrate economic, spatial and transport scholarship. PS2 is applied to a comparison among three competing public policies aimed at reducing inequality and alleviating poverty: (a) house acquisition by the government and distribution to lower income households, (b) rental vouchers, and (c) monetary aid. Within the model context, the monetary aid, that is, smaller amounts of help for a larger number of households, makes the economy perform better in terms of production, consumption, reduction of inequality, and maintenance of financial duties. PS2 as such is also a framework that may be further adapted to a number of related research questions.

The Price Evolution with Expectations model provides the opportunity to explore the question of non-equilibrium market dynamics, and how and under which conditions an economic system converges to the classically defined economic equilibrium. To accomplish this, we bring together two points of view of the economy; the classical perspective of general equilibrium theory and an evolutionary perspective, in which the current development of the economic system determines the possibilities for further evolution.

The Price Evolution with Expectations model consists of a representative firm producing no profit but producing a single good, which we call sugar, and a representative household which provides labour to the firm and purchases sugar.The model explores the evolutionary dynamics whereby the firm does not initially know the household demand but eventually this demand and thus the correct price for sugar given the household’s optimal labour.

The model can be run in one of two ways; the first does not include money and the second uses money such that the firm and/or the household have an endowment that can be spent or saved. In either case, the household has preferences for leisure and consumption and a demand function relating sugar and price, and the firm has a production function and learns the household demand over a set number of time steps using either an endogenous or exogenous learning algorithm. The resulting equilibria, or fixed points of the system, may or may not match the classical economic equilibrium.

This model/program presents a “three industry model” that may be particularly useful for macroeconomic simulations. The main purpose of this program is to demonstrate a mechanism in which the relative share of labor shifts between industries.

Care has been taken so that it is written in a self-documenting way so that it may be useful to anyone that might build from it or use it as an example.

This model is not intended to match a specific economy (and is not calibrated to do so) but its particular minimalist implementation may be useful for future research/development.

…

Inspired by the European project called GLODERS that thoroughly analyzed the dynamics of extortive systems, Bottom-up Adaptive Macroeconomics with Extortion (BAMERS) is a model to study the effect of extortion on macroeconomic aggregates through simulation. This methodology is adequate to cope with the scarce data associated to the hidden nature of extortion, which difficults analytical approaches. As a first approximation, a generic economy with healthy macroeconomics signals is modeled and validated, i.e., moderate inflation, as well as a reasonable unemployment rate are warranteed. Such economy is used to study the effect of extortion in such signals. It is worth mentioning that, as far as is known, there is no work that analyzes the effects of extortion on macroeconomic indicators from an agent-based perspective. Our results show that there is significant effects on some macroeconomics indicators, in particular, propensity to consume has a direct linear relationship with extortion, indicating that people become poorer, which impacts both the Gini Index and inflation. The GDP shows a marked contraction with the slightest presence of extortion in the economic system.

Overview

Purpose

Modeling an economy with stable macro signals, that works as a benchmark for studying the effects of the agent activities, e.g. extortion, at the service of the elaboration of public policies..
…

This model examines the potential impact of market collapse on the economy and demography of fishing households in the Logone Floodplain, Cameroon.

Simulates impacts of ants killing colony mates when in conflict with another nest. The murder rate is adjustable, and the environmental change is variable. The colonies employ social learning so knowledge diffusion proceeds if interactions occur.