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Journal of Economic Interaction and Coordination OnlineFirst articles

Open Access 18.06.2024 | Regular Article

A dynamic model of wealth segregation

We propose a dynamic model where the real estate market generates wealth segregation within a town. The model develops on the Schelling’s checkerboard dynamics with one main difference: Agents are fully characterized by their wealth, which changes …

verfasst von:
Eugenio Vicario

13.06.2024 | Editorial

Editorial to the special issue on ZIMI

verfasst von:
Dave Cliff, Dan K. Gode, Shyam Sunder

Open Access 28.05.2024 | Regular Article

Rationality, inequality, and the output gap: evidence from a disaggregated Keynesian cross diagram

This paper examines the conditions under which a representative agent (RA) model can accurately approximate the output of a multi-agent model that assumes many interacting agents. The study compares the widely used Keynesian cross diagram, which …

verfasst von:
Andrea Teglio

Open Access 12.04.2024 | Regular Article

Economic interactions that are beyond simulation

In this paper, we argue that not all economic interactions can be simulated. Specific types of interactions, instantiated in and instantiating of institutional structures, are embodied in ways that do not admit entailing laws and cannot be …

verfasst von:
Shaun Gallagher, Antonio Mastrogiorgio

Open Access 03.04.2024 | Regular Article

How a liquidity saving mechanism affects bank behavior in interconnected payment networks

A surge in banks’ liquidity needs increases settlement costs that could burden the functioning of the real economy through its impact on banks’ lending behavior. A liquidity saving mechanism (LSM) can help reduce banks’ liquidity needs, but it …

verfasst von:
Hitoshi Hayakawa

19.03.2024 | Regular Article

Transient dynamics of the COVID lockdown on India’s production network

In the wake of the COVID-19 pandemic, the Government of India imposed production restrictions on various sectors of the economy. Prima facie there is reason to believe that the cost of the quantity constraints may be greater than their simple sum.

verfasst von:
Antoine Mandel, Vipin P. Veetil

Open Access 10.01.2024 | Regular Article

The effects of a green monetary policy on firms financing cost

The monetary policy operations of a central bank (CB) involve allocation decisions when purchasing assets and taking collateral. A green monetary policy aims to steer or tilt the allocation of assets and collateral toward low-carbon industries, to …

verfasst von:
Andrea Bacchiocchi, Sebastian Ille, Germana Giombini

04.01.2024 | Regular Article

When firms buy corporate bonds: an agent-based approach to credit within firms

Recent trends in the market for corporate bonds -such as its increase in size, the significant presence of low-quality debt instruments and the trading activity of non-financial corporations- call for the need of an investigation of the possible …

verfasst von:
Jlenia Di Noia

Open Access 28.11.2023 | Regular Article

The effect of time-varying fundamentals in learning-to-forecast experiments

Inspired by macroeconomic scenarios, we aim to experimentally investigate the evolution of short- and long-run expectations under different specifications of the fundamentals. We collect individual predictions for future prices in a series of …

verfasst von:
Simone Alfarano, Eva Camacho-Cuena, Annarita Colasante, Alba Ruiz-Buforn

Open Access 30.05.2023 | Regular Article

Parameterised response zero intelligence traders

I introduce parameterised response zero intelligence (PRZI), a new form of zero intelligence (ZI) trader intended for use in simulation studies of the dynamics of continuous double auction markets. Like Gode and Sunder’s classic ZIC trader, PRZI …

verfasst von:
Dave Cliff

Open Access 26.05.2023 | Regular Article

A comparison of zero- and minimal-intelligence agendas in majority-rule voting models

Emergent behavior in repeated collective decisions of minimally intelligent agents—who at each step in time invoke majority rule to choose between a status quo and a random challenge—can manifest through the long-term stationary probability …

verfasst von:
Paul Brewer, Jeremy Juybari, Raymond Moberly

Open Access 26.04.2023 | Correction

Correction to: Policy choices and compliance behavior in pandemic times

In this article, the author name Slađana Pavlinović Mršić was incorrectly written as Slađana Pavlinović Mršć.

verfasst von:
Giorgio Calcagnini, Slađana Pavlinović Mršić, Laura Policardo, Edgar J. Sanchez Carrera

Open Access 25.03.2023 | Regular Article

Policy choices and compliance behavior in pandemic times

In this paper, we model an evolutionary noncooperative game between politicians and citizens that, given the level of infection, describes the observed variety of mitigation policies and citizens’ compliance during the COVID-19 pandemic period.

verfasst von:
Giorgio Calcagnini, Slađana Pavlinović Mršić, Laura Policardo, Edgar J. Sanchez Carrera

04.01.2023 | Original Article

How do you feel about going green? Modelling environmental sentiments in a growing open economy

Contrary to the near-global consensus among the scientific community, public perceptions of climate change differ between nations and have fluctuated over time. This article develops a switching-strategies growth model to study such a stylised …

verfasst von:
Marwil J. Dávila-Fernández, Serena Sordi, Alessia Cafferata

Open Access 30.06.2022 | Regular Article

A multi-agent description of the influence of higher education on social stratification

We introduce and discuss a system of one-dimensional kinetic equations describing the influence of higher education in the social stratification of a multi-agent society. The system is obtained by coupling a model for knowledge formation with a …

verfasst von:
Giacomo Dimarco, Giuseppe Toscani, Mattia Zanella

Open Access 27.06.2022 | Regular Article

Incomplete incentive contracts in complex task environments: an agent-based simulation with minimal intelligence agents

Incentive contracts often do not govern all task elements for which an employee is responsible. Prior research, particularly in the tradition of principal-agent theory, has studied incomplete incentive contracts as multi-task problems focusing on …

verfasst von:
Friederike Wall

04.01.2022 | Regular Article

The complex nature of financial market microstructure: the case of a stock market crash

This paper uses multivariate Hawkes processes to model the transactions behavior of the US stock market as measured by the 30 Dow Jones Industrial Average individual stocks before, during and after the 36-min May 6, 2010, Flash Crash. The basis …

verfasst von:
Feng Shi, John Paul Broussard, G. Geoffrey Booth

07.09.2019 | Regular Article

A simulation analysis of systemic counterparty risk in over-the-counter derivatives markets

In this paper, we propose a simulation framework to assess systemic risk in over-the-counter derivatives markets. We incorporate credit valuation adjustment (CVA), a mark-to-market estimate of counterparty credit risk booked on a bank’s balance …