EconPapers    
Economics at your fingertips  
 

Macroeconomics with heterogeneous agent models: fostering transparency, reproducibility and replication

Herbert Dawid (), Philipp Harting, Sander Hoog () and Michael Neugart ()
Additional contact information
Herbert Dawid: Bielefeld University, Universitaetsstr. 25
Philipp Harting: Bielefeld University, Universitaetsstr. 25
Sander Hoog: Bielefeld University, Universitaetsstr. 25

Journal of Evolutionary Economics, 2019, vol. 29, issue 1, 467-538

Abstract: Abstract This paper provides a detailed description of the Eurace@Unibi model, which has been developed as a versatile tool for macroeconomic analysis and policy experiments. The model explicitly incorporates the decentralized interaction of heterogeneous agents across different sectors and regions. The modeling of individual behavior is based on heuristics with empirical microfoundations. Although Eurace@Unibi has been applied successfully to different policy domains, the complexity of the structure of the model, which is similar to other agent-based macroeconomic models, makes it hard to communicate to readers the exact working of the model and enable them to check the robustness of obtained results. This paper addresses these challenges by describing the details of all decision rules, interaction protocols and balance sheet structures used in the model. Furthermore, we discuss the use of a virtual appliance as a tool allowing third parties to reproduce the simulation results and to replicate the model. The paper illustrates the potential use of the virtual appliance by providing some sensitivity analyses of the simulation output carried out using this tool.

Keywords: Agent-based macroeconomics; Replication; Reproduction; Eurace@Unibi (search for similar items in EconPapers)
JEL-codes: C63 E17 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://link.springer.com/10.1007/s00191-018-0594-0 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:joevec:v:29:y:2019:i:1:d:10.1007_s00191-018-0594-0

Ordering information: This journal article can be ordered from
http://www.springer.com/economics/journal/191/PS2

Access Statistics for this article

Journal of Evolutionary Economics is currently edited by Uwe Cantner, Elias Dinopoulos, Horst Hanusch and Luigi Orsenigo

More articles in Journal of Evolutionary Economics from Springer
Bibliographic data for series maintained by Sonal Shukla ().

 
Page updated 2019-06-01
Handle: RePEc:spr:joevec:v:29:y:2019:i:1:d:10.1007_s00191-018-0594-0