Implications of Behavioral Rules in Agent-based Macroeconomics

Dawid H, Dell Gatti D, Fierro LE, Poledna S (2024) Universität Bielefeld Working Papers in Economics and Management; 04-2024.
Bielefeld: Bielefeld University, Department of Business Administration and Economics.

Diskussionspapier | Veröffentlicht | Englisch
 
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Autor*in
Dawid, HerbertUniBi ; Dell Gatti, Domenico; Fierro, Luca Eduardo; Poledna, Sebastian
Abstract / Bemerkung
In this paper we examine the role of the design of behavioral rules in agent-based macroeconomic modeling. Based on clear theoretical foundations, we develop a general representation of the behavioral rules governing price and quantity decisions of firms and show how rules used in four main families of agent-based macroeconomic models can be interpreted as special cases of these general rules. We embed the four variations of these rules into a calibrated agent-based macroeconomic framework and show that they all yield qualitatively very similar dynamics in business-as-usual times. However, the impact of demand, cost, and productivity shocks differ substantially depending on which of the four variants of the price and quantity rules are used.
Stichworte
agent-based macroeconomics; behavioral rules; pricing; forecasting
Erscheinungsjahr
2024
Serientitel
Universität Bielefeld Working Papers in Economics and Management
Band
04-2024
Seite(n)
19
ISSN
2196-2723
Page URI
https://pub.uni-bielefeld.de/record/2993337

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Dawid H, Dell Gatti D, Fierro LE, Poledna S. Implications of Behavioral Rules in Agent-based Macroeconomics. Universität Bielefeld Working Papers in Economics and Management. Vol 04-2024. Bielefeld: Bielefeld University, Department of Business Administration and Economics; 2024.
Dawid, H., Dell Gatti, D., Fierro, L. E., & Poledna, S. (2024). Implications of Behavioral Rules in Agent-based Macroeconomics (Universität Bielefeld Working Papers in Economics and Management, 04-2024). Bielefeld: Bielefeld University, Department of Business Administration and Economics. https://doi.org/10.4119/unibi/2993337
Dawid, Herbert, Dell Gatti, Domenico, Fierro, Luca Eduardo, and Poledna, Sebastian. 2024. Implications of Behavioral Rules in Agent-based Macroeconomics. Vol. 04-2024. Universität Bielefeld Working Papers in Economics and Management. Bielefeld: Bielefeld University, Department of Business Administration and Economics.
Dawid, H., Dell Gatti, D., Fierro, L. E., and Poledna, S. (2024). Implications of Behavioral Rules in Agent-based Macroeconomics. Universität Bielefeld Working Papers in Economics and Management, 04-2024, Bielefeld: Bielefeld University, Department of Business Administration and Economics.
Dawid, H., et al., 2024. Implications of Behavioral Rules in Agent-based Macroeconomics, Universität Bielefeld Working Papers in Economics and Management, no.04-2024, Bielefeld: Bielefeld University, Department of Business Administration and Economics.
H. Dawid, et al., Implications of Behavioral Rules in Agent-based Macroeconomics, Universität Bielefeld Working Papers in Economics and Management, vol. 04-2024, Bielefeld: Bielefeld University, Department of Business Administration and Economics, 2024.
Dawid, H., Dell Gatti, D., Fierro, L.E., Poledna, S.: Implications of Behavioral Rules in Agent-based Macroeconomics. Universität Bielefeld Working Papers in Economics and Management, 04-2024. Bielefeld University, Department of Business Administration and Economics, Bielefeld (2024).
Dawid, Herbert, Dell Gatti, Domenico, Fierro, Luca Eduardo, and Poledna, Sebastian. Implications of Behavioral Rules in Agent-based Macroeconomics. Bielefeld: Bielefeld University, Department of Business Administration and Economics, 2024. Universität Bielefeld Working Papers in Economics and Management. 04-2024.
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2024-10-09T12:08:46Z
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