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Long-term Macroeconomic Dynamics of Competition in the Russian Economy using Agent- based Modelling

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  • Tatyana Eftonova

    (Ufa State Aviation Technical University, Ufa, Russia)

  • Mariam Kiran

    (School of Electrical Engineering and Computer Science, University of Bradford, Bradford, UK)

  • Mike Stannett

    (Department of Computer Science, University of Sheffield, Sheffield, UK)

Abstract

Agent-based economic modelling techniques are increasingly being used to complement standard economic simulations. This paper re-models a standard equation-based simulation model of the Russian macroeconomy in an agent-based setup, and uses it to investigate the effect that antimonopoly legislation can be expected to have upon long-term dynamic behaviour. The results reveal various potential outcomes which would have not been visible using traditional equation-based modelling techniques. While the number of economic agents has been kept deliberately small in the work presented here, the modelling approach is scalable to systems incorporating many millions of agents.

Suggested Citation

  • Tatyana Eftonova & Mariam Kiran & Mike Stannett, 2017. "Long-term Macroeconomic Dynamics of Competition in the Russian Economy using Agent- based Modelling," International Journal of System Dynamics Applications (IJSDA), IGI Global, vol. 6(1), pages 1-20, January.
    • Handle: RePEc:igg:jsda00:v:6:y:2017:i:1:p:1-20
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