Abstract:
This talk introduces the agent-based approach to economic modeling and demonstrates its potential to study the economy as a complex system. The approach is illustrated using the Eurace@Unibi model. We show how an agent-based model can be used to reproduce a large set of stylized facts on different levels of aggregation and to identify economic mechanisms. The potential of agent-based models for policy analysis is highlighted using an example from European cohesion policy. Also, a brief outlook to other applications of agent-based modeling in Economics is given.
Bio:
Chair for Economic Theory and Computational Economics (W3), Department of Business Administration and Economics, Bielefeld University, 2010 - present
Full Professor, Center for Mathematical Economics (IMW), Bielefeld University, 2004 - present
Chairman, Bielefeld Graduate School of Economics and Management (BiGSEM), 2009- present
Director, Bielefeld Graduate School in Theoretical Sciences (BGTS), 2017-present
Coordinator, Marie Sklodowska Curie Innovative Training Network 'Expectations and Social Influence Dynamics in Economics (ExSIDE)', 2017-2021
Coordinator, European Doctorate in Economics - Erasmums Mundus (EDEEM)', 2014-2019
Deputy Director of the Institute for Technological Innovation, Market Development and Entrepreneurship (iTIME)
Research Interests:
Economics of Innovation
Industry Dynamics
Social and Economic Networks
Agent-based Computational Economics
Dynamic Issues in Economic Policy Design
Optimal Control and Differential Games