Agent-based macroeconomics
This chapter surveys work dedicated to macroeconomic analysis using an agent-based
modeling approach. After a short review of the origins and general characteristics of this …
modeling approach. After a short review of the origins and general characteristics of this …
Heterogeneous agent models in economics and finance
This chapter surveys work on dynamic heterogeneous agent models (HAMs) in economics
and finance. Emphasis is given to simple models that, at least to some extent, are tractable …
and finance. Emphasis is given to simple models that, at least to some extent, are tractable …
Overreaction in macroeconomic expectations
We study the rationality of individual and consensus forecasts of macroeconomic and
financial variables using the methodology of Coibion and Gorodnichenko (2015), who …
financial variables using the methodology of Coibion and Gorodnichenko (2015), who …
How social influence can undermine the wisdom of crowd effect
Social groups can be remarkably smart and knowledgeable when their averaged
judgements are compared with the judgements of individuals. Already Galton [Galton F …
judgements are compared with the judgements of individuals. Already Galton [Galton F …
Behavioral and experimental macroeconomics and policy analysis: A complex systems approach
This survey discusses behavioral and experimental macroeconomics, emphasizing a
complex systems perspective. The economy consists of boundedly rational heterogeneous …
complex systems perspective. The economy consists of boundedly rational heterogeneous …
[ספר][B] Behavioral rationality and heterogeneous expectations in complex economic systems
C Hommes - 2013 - books.google.com
Recognising that the economy is a complex system with boundedly rational interacting
agents, the book presents a theory of behavioral rationality and heterogeneous expectations …
agents, the book presents a theory of behavioral rationality and heterogeneous expectations …
Ethnic diversity deflates price bubbles
Markets are central to modern society, so their failures can be devastating. Here, we
examine a prominent failure: price bubbles. Bubbles emerge when traders err collectively in …
examine a prominent failure: price bubbles. Bubbles emerge when traders err collectively in …
The heterogeneous expectations hypothesis: Some evidence from the lab
This paper surveys learning-to-forecast experiments (LtFEs) with human subjects to test
theories of expectations and learning. Subjects must repeatedly forecast a market price …
theories of expectations and learning. Subjects must repeatedly forecast a market price …
Behavioral heterogeneity in stock prices
We estimate a dynamic asset pricing model characterized by heterogeneous boundedly
rational agents. The fundamental value of the risky asset is publicly available to all agents …
rational agents. The fundamental value of the risky asset is publicly available to all agents …
Herding behavior, market sentiment and volatility: will the bubble resume?
This paper aims to investigate herding behavior and its impact on volatility under
uncertainty. We apply a cross-sectional absolute deviation approach as well as Quantile …
uncertainty. We apply a cross-sectional absolute deviation approach as well as Quantile …