Modelling Social Learning in an AgenttBased Baseline Macro Model

Salle, Isabelle; Sénégas, Marc-Alexandre; Yıldızoğlu, Murat; Zumpe, Martin

doi:10.2139/ssrn.2487937

Cited by 2 publications

(5 citation statements)

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“…We choose this contrary to other published mechanisms, dispersing profits to the whole population -relative to their wealth, as a proxy for shares ( [16], [34]). The latter more aggregate and distributive approach leads to the rich getting richer, ignoring the possibility of individual failure -i.e.…”

Section: Firmsmentioning

confidence: 99%

A computational agent-based simulation of an artificial monetary union for dynamic comparative institutional analysis

Rengs

Wäckerle

2014

2014 IEEE Conference on Computational Intelligence for Financial Engineering &Amp; Economics (CIFEr)

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We present a highly stylized agent-based computational model (ABM) of an artificial economic and monetary union. Contrary to other current macroeconomic ABMs, it focuses on the relations/consequences of creditfinanced, high-leveraged economies, conspicuous consumption within and across borders and a monetary and economic union of individual countries. The model includes a number of boundedly rational agents of the following types: a central bank, states & governments, banks, firms and households. In summary, it enables simulations of interacting political economies within a monetary union, entailing complex interactions and interdependencies between centralized governments/central banks and decentralized markets for goods (regular and status),labor, loans as well as bonds from the bottom up. Through its modular structure, we are able to apply dynamic comparative institutional analysis by investigating medium and long-run economic effects.

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Section: Firmsmentioning

confidence: 99%

A computational agent-based simulation of an artificial monetary union for dynamic comparative institutional analysis

Rengs

Wäckerle

2014

2014 IEEE Conference on Computational Intelligence for Financial Engineering &Amp; Economics (CIFEr)

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“…The most encouraging results can be found in Yıldızoğlu et al (2012), in which agents develop a mental model of their environment thanks to an artificial neural network, and use it to form adaptive expectations. With this behaviour, agents are able to approximate and even, under certain circumstances, converge towards the optimal consumption rule.…”

Section: Introductionmentioning

confidence: 99%

“…See, for example, Arifovic (1995), Bullard & Duffy (1998), Arifovic et al (2011) or Yıldızoğlu et al (2012.…”

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confidence: 99%

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Social Learning About Consumption

Salle

Seppecher

2015

Macroecon. Dynam.

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This paper applies a social learning model to the optimal consumption rule of Allen and Carroll [Macroeconomic Dynamics 5(2001), 255–271] and delivers convincing convergence dynamics toward the optimal rule. These findings constitute a significant improvement over previous results in the literature, in terms of both speed of convergence and parsimony of the learning model. The learning model exhibits several appealing features: it is frugal, is easy to apply to a various range of learning objectives, and requires few procedures and little information. Particular care is given to behavioral interpretation of the modeling assumptions in light of evidence from the fields of psychology and social science. Our results highlight the need to depart from the genetic metaphor, and account for intentional decision-making, based on agents' relative performances. By contrast, we show that convergence is strongly hindered by exact imitation processes, or random exploration mechanisms, which are usually assumed when modeling social learning behavior. Our results suggest a method for modeling bounded rationality, which could be interestingly tested in a wide range of economic models with adaptive dynamics.

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Modelling Social Learning in an AgenttBased Baseline Macro Model

Cited by 2 publications

References 52 publications

A computational agent-based simulation of an artificial monetary union for dynamic comparative institutional analysis

A computational agent-based simulation of an artificial monetary union for dynamic comparative institutional analysis

Social Learning About Consumption

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