Economics with Heterogeneous Interacting Agents: A Practical Guide to Agent-Based Modeling PDF
Preview Economics with Heterogeneous Interacting Agents: A Practical Guide to Agent-Based Modeling
New Economic Windows Alessandro Caiani Alberto Russo Antonio Palestrini Mauro Gallegati Editors Economics with Heterogeneous Interacting Agents A Practical Guide to Agent-Based Modeling Economics with Heterogeneous Interacting Agents New Economic Windows Series editors MARISA FAGGINI, MAURO GALLEGATI, ALAN P. KIRMAN, THOMAS LUX Series Editorial Board Jaime Gil Aluja Departamentd’EconomiaiOrganitzaciód’Empreses,UniversitatdeBarcelona,Barcelona,Spain Fortunato Arecchi DipartimentodiFisica,UniversitàdegliStudidiFirenzeandINOA,Florence,Italy David Colander DepartmentofEconomics,MiddleburyCollege,Middlebury,VT,USA Richard H. Day DepartmentofEconomics,UniversityofSouthernCalifornia,LosAngeles,USA Steve Keen SchoolofEconomicsandFinance,UniversityofWesternSydney,Penrith,Australia Marji Lines DipartimentodiScienzeStatistiche,UniversitàdegliStudidiUdine,Udine,Italy Alfredo Medio DipartimentodiScienzeStatistiche,UniversitàdegliStudidiUdine,Udine,Italy Paul Ormerod DirectorsofEnvironmentBusiness-VolterraConsulting,London,UK Peter Richmond SchoolofPhysics,TrinityCollege,Dublin2,Ireland J. Barkley Rosser DepartmentofEconomics,JamesMadisonUniversity,Harrisonburg,VA,USA Sorin Solomon Racah InstituteofPhysics,TheHebrewUniversityofJerusalem,Jerusalem,Israel Pietro Terna DipartimentodiScienzeEconomicheeFinanziarie,UniversitàdegliStudidiTorino,Torino,Italy Kumaraswamy (Vela) Velupillai DepartmentofEconomics,NationalUniversityofIreland,Galway,Ireland Nicolas Vriend DepartmentofEconomics,QueenMaryUniversityofLondon,London,UK Lotfi Zadeh ComputerScienceDivision,UniversityofCaliforniaBerkeley,Berkeley,CA,USA More information about this series at http://www.springer.com/series/6901 Alessandro Caiani Alberto Russo (cid:129) Antonio Palestrini Mauro Gallegati (cid:129) Editors Economics with Heterogeneous Interacting Agents A Practical Guide to Agent-Based Modeling 123 Editors Alessandro Caiani AntonioPalestrini UniversitàPolitecnica delle Marche UniversitàPolitecnica delle Marche Ancona Ancona Italy Italy AlbertoRusso MauroGallegati UniversitàPolitecnica delle Marche UniversitàPolitecnica delle Marche Ancona Ancona Italy Italy Additional material tothis bookcanbedownloaded from http://extras.springer.com. ISSN 2039-411X ISSN 2039-4128 (electronic) NewEconomic Windows ISBN978-3-319-44056-9 ISBN978-3-319-44058-3 (eBook) DOI 10.1007/978-3-319-44058-3 LibraryofCongressControlNumber:2016947920 ©SpringerInternationalPublishingSwitzerland2016 Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpart of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission orinformationstorageandretrieval,electronicadaptation,computersoftware,orbysimilarordissimilar methodologynowknownorhereafterdeveloped. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publicationdoesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexemptfrom therelevantprotectivelawsandregulationsandthereforefreeforgeneraluse. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authorsortheeditorsgiveawarranty,expressorimplied,withrespecttothematerialcontainedhereinor foranyerrorsoromissionsthatmayhavebeenmade. Printedonacid-freepaper ThisSpringerimprintispublishedbySpringerNature TheregisteredcompanyisSpringerInternationalPublishingAGSwitzerland To Maurizio Mariotti Foreword This book emerges from a workshop activity of a research group on Agent Based Models at the Dipartimento di Scienze Economiche e Sociali at the Universitá Politecnica delle Marche, Ancona, which includes—in addition to the four editors—Leonardo Bargigli (Florence), Ermanno Catullo, Eugenio Caverzasi, FabioClementi(Macerata),AnnaritaColasante,CorradoDiGuilmi(Sydney),Lisa Gianmoena,FedericoGiri,RuggeroGrilli,SimoneLandini(Tourin),LucaRiccetti (Rome), and Gabriele Tedeschi (Castillon). For many years, we have divided the very few honours and numerous research squabbles, exploring unknown research territories with many friends from different disciplines. Financial and scientific contributions of the various European projects—in particular,SYMPHONYandFINMAP,DiSESandINEThaveallowedthesurvival of the youngest in years of financial famine that has deeply affected the Italian universities. The book is intended for graduate and Ph.D. students, but also undergraduates with a minimal knowledge in computers and economics, and in general people curious in computational science and Agent Computational Economics, can enjoy it.Despitethefactthatthereaderwillbeguidedstepbystepinthesimulation,itis not an ACE guide for dummies and almost elementary computer skills are pre- ferred—or at least to know how to switch on a PC. Hopefully the Groucho Marx dictumwillbeexaggerated:A4-year-oldchildcouldunderstandthisbook.Runout and find me a 4-year-old child. I can’t make head nor tail out of it. We have had a lot of “laboratory mice”, the students of advanced macro at UNIVPMandtheparticipantsintheSummerSchoolsonABM,onSeptember2014 and September 2015. Our gratitude goes also to Domenico Delli Gatti, Alan Kirman, Giulia Iori, Thomas Lux, Maria Cristina Recchioni and J. Barkley Rosser. vii viii Foreword Whilethisbookwasinitsveryfinalstageofcompilation,ourbelovedfriendand colleague Maurizio Mariotti passed away. We dedicate the book to him knowing that nothing will replace his kind generosity and are happy to have shared many days illuminated by his “buondì” and beaming smile Ancona Alessandro Caiani May 2016 Alberto Russo Antonio Palestrini Mauro Gallegati Contents 1 Getting Started: The Aggregation Conundrums and Basic Toolkits of Agent Based Modeling.. .... .... .... .... ..... .... 1 Ermanno Catullo, Antonio Palestrini and Gabriele Tedeschi 2 A Simple Model of Business Fluctuations with Heterogeneous Interacting Agents and Credit Networks. .... .... .... ..... .... 29 Leonardo Bargigli, Alessandro Caiani, Luca Riccetti and Alberto Russo 3 Modeling Financial Markets in an Agent-Based Framework.. .... 103 Ruggero Grilli and Gabriele Tedeschi 4 Heavy-Tailed Distributions for Agent-Based Economic Modelling. .... .... .... ..... .... .... .... .... .... ..... .... 157 Fabio Clementi Conclusion.... .... .... .... ..... .... .... .... .... .... ..... .... 191 References.... .... .... .... ..... .... .... .... .... .... ..... .... 193 Index .... .... .... .... .... ..... .... .... .... .... .... ..... .... 203 ix Contributors Leonardo Bargigli Dipartimento di Scienze per l’Economia e l’Impresa, Università di Firenze, Florence, Italy Alessandro Caiani Dipartimento di Management, Università Politecnica delle Marche, Ancona, Italy Ermanno Catullo Dipartimento di Scienze Economiche e Sociali, Università Politecnica delle Marche, Ancona, Italy Fabio Clementi Dipartimento di Scienze politiche, della comunicazione e delle relazioni internazionali, Università di Macerata, Macerata, Italy Ruggero Grilli Dipartimento di Scienze Economiche e Sociali, Università Politecnica delle Marche, Ancona, Italy Antonio Palestrini Dipartimento di Scienze Economiche e Sociali, Università Politecnica delle Marche, Ancona, Italy Luca Riccetti Facoltà di Economia, Dipartimento di Management, Sapienza Università di Roma, Roma, Italy AlbertoRusso DipartimentodiManagement,UniversitàPolitecnicadelleMarche, Ancona, Italy Gabriele Tedeschi Departament d’Economia, Universitat Jaume I de Castellon, Castellón, Spain xi
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