Agent-Based Macroeconomic Modeling and Policy Analysis: The Eurace@Unibi Model

27 Pages Posted: 24 Jan 2014  

Herbert Dawid

Bielefeld University - Department of Business Administration and Economics; Center for Mathematical Economics

Simon Gemkow

Bielefeld University

Philipp Harting

Bielefeld University - Faculty of Business Administration and Economics

Sander van der Hoog

Bielefeld University

Michael Neugart

Technische Universität Darmstadt

Date Written: January 2014

Abstract

Agent-based simulation models are a relatively new addition to the tool-box of macroeconomists. In this chapter we introduce the Eurace@Unibi model and the research that has been done within this framework. We show how an agent-based model can be used to identify economic mechanisms and how it can be applied to spatial policy analysis. Our assessment is that agent-based models in economics have passed the proof-of-concept phase and it is now time to move beyond that stage. It has been shown that new kinds of insights can be obtained that complement established modeling approaches. We conclude by pointing towards some potentially fruitful areas of agent-based macroeconomic research.

Suggested Citation

Dawid, Herbert and Gemkow, Simon and Harting, Philipp and van der Hoog, Sander and Neugart, Michael, Agent-Based Macroeconomic Modeling and Policy Analysis: The Eurace@Unibi Model (January 2014). Bielefeld Working Papers in Economics and Management No. 01-2014. Available at SSRN: https://ssrn.com/abstract=2384391

Herbert Dawid (Contact Author)

Bielefeld University - Department of Business Administration and Economics ( email )

P.O. Box 100131
D-33501 Bielefeld, NRW 33501
Germany
+49-521-1064843 (Phone)
+49-521-1062994 (Fax)

Center for Mathematical Economics ( email )

Postfach 10 01 31
Bielefeld, D-33501
Germany

Simon Gemkow

Bielefeld University ( email )

Universitätsstraße 25
Bielefeld, DE NRW 33613
Germany

Philipp Harting

Bielefeld University - Faculty of Business Administration and Economics ( email )

Universitätsstraße 25
Bielefeld, DE 33615
Germany

Sander Van der Hoog

Bielefeld University ( email )

Universitätsstraße 25
Bielefeld, DE 33615
Germany

Michael Neugart

Technische Universität Darmstadt ( email )

Bleichstraße 2
Darmstadt, 64283
Germany

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