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Production and Finance in EURACE

In: Complexity and Artificial Markets

Author

Listed:
  • Sander Hoog

    (Université de la Méditerranée II and GREQAM, Château Lafarge)

  • Christophe Deissenberg

    (Université de la Méditerranée II and GREQAM, Château Lafarge)

  • Herbert Dawid

    (Bielefeld University)

Abstract

EURACE is a major FP6 STREP project aiming at constructing an exhaustive agent-based model of the European economy, populated by a very large number of sophisticated, autonomous agents. The EURACE model, which has an explicit spatial structure, includes all the major markets considered in quantitative macroeconomic modelling (consumer goods, investment goods, labour, credit and finance). It offers a unique opportunity for studying, from a new perspective, the empirically observed but theoretically poorly understood link between the real and the financial sphere of a modern economy. After summarily presenting the main features of EURACE, this paper describes in more detail the newly developed financial management module that intermediates between the real and the financial spheres in EURACE. In a nutshell, this module defines the link between the hiring and investment behavior of the firms as a function of the revenues they obtain by selling their products, of the money they can raise on the credit and financial markets, of their dividend policy, and other major aspects of financial decision-making.

Suggested Citation

  • Sander Hoog & Christophe Deissenberg & Herbert Dawid, 2008. "Production and Finance in EURACE," Lecture Notes in Economics and Mathematical Systems, in: Klaus Schredelseker & Florian Hauser (ed.), Complexity and Artificial Markets, chapter 12, pages 147-158, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-70556-7_12
    DOI: 10.1007/978-3-540-70556-7_12
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    Citations

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    Cited by:

    1. Lengnick, Matthias, 2013. "Agent-based macroeconomics: A baseline model," Journal of Economic Behavior & Organization, Elsevier, vol. 86(C), pages 102-120.
    2. Bernardo Alves Furtado & Isaque Daniel Rocha Eberhardt, 2016. "A Simple Agent-Based Spatial Model of the Economy: Tools for Policy," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 19(4), pages 1-12.
    3. Gualdi, Stanislao & Tarzia, Marco & Zamponi, Francesco & Bouchaud, Jean-Philippe, 2015. "Tipping points in macroeconomic agent-based models," Journal of Economic Dynamics and Control, Elsevier, vol. 50(C), pages 29-61.
    4. Sylvain Barde, 2017. "A Practical, Accurate, Information Criterion for Nth Order Markov Processes," Computational Economics, Springer;Society for Computational Economics, vol. 50(2), pages 281-324, August.
    5. repec:hal:spmain:info:hdl:2441/5fafm6me7k8omq5jbo61urqq27 is not listed on IDEAS
    6. Bernardo Alves Furtado & Isaque Daniel Eberhardt, 2016. "Modelo Espacial Simples de uma Economia com Agentes: uma proposta metodológica," Discussion Papers 2181, Instituto de Pesquisa Econômica Aplicada - IPEA.
    7. Caiani, Alessandro & Godin, Antoine & Caverzasi, Eugenio & Gallegati, Mauro & Kinsella, Stephen & Stiglitz, Joseph E., 2016. "Agent based-stock flow consistent macroeconomics: Towards a benchmark model," Journal of Economic Dynamics and Control, Elsevier, vol. 69(C), pages 375-408.
    8. Assenza, Tiziana & Delli Gatti, Domenico & Grazzini, Jakob, 2015. "Emergent dynamics of a macroeconomic agent based model with capital and credit," Journal of Economic Dynamics and Control, Elsevier, vol. 50(C), pages 5-28.
    9. Furtado, Bernardo Alves & Eberhardt, Isaque Daniel Rocha, 2015. "Modelo espacial simples da economia: uma proposta teórico-metodológica [A simple spatial economic model: a proposal]," MPRA Paper 67005, University Library of Munich, Germany.

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