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Rethinking Macroeconomics with Endogenous Market Structure [Hardback]

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(Universitą degli Studi di Torino, Italy), (Universitą degli Studi di Torino, Italy), (Universitą degli Studi di Genova)
  • Formāts: Hardback, 248 pages, height x width x depth: 234x157x13 mm, weight: 470 g, Worked examples or Exercises
  • Izdošanas datums: 19-Dec-2019
  • Izdevniecība: Cambridge University Press
  • ISBN-10: 1108482600
  • ISBN-13: 9781108482608
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Rethinking Macroeconomics with Endogenous Market StructurePalielināt
  • Formāts: Hardback, 248 pages, height x width x depth: 234x157x13 mm, weight: 470 g, Worked examples or Exercises
  • Izdošanas datums: 19-Dec-2019
  • Izdevniecība: Cambridge University Press
  • ISBN-10: 1108482600
  • ISBN-13: 9781108482608
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9781108482608.html
Keywords:
An innovative new agent-based macroeconomic framework demonstrating the macroeconomic implications of industrial structure and strategic interactions amongst oligopolistic firms within an economy. It will appeal to academic researchers and graduate students working in computational economics, agent-based modelling and econophysics.

The birth and death of firms is one of the main features of the business cycle. Yet mainstream DGSE macroeconomic models mostly ignore this phenomenon, thereby excluding any potential impact of economic policy on the probability of the birth and death of firms. Those DGSE models that do allow for this phenomenon do so at the cost of drastic simplifications, which effectively rule out causal links between the strategic interaction of industrial firms and the macroeconomy. This innovative new book develops a bottom-up, agent-based framework that shows how strategic interactions at the level of oligopolistic firms, and even at the level of individuals, affect entire industrial sectors and the equilibrium of the macroeconomy. It will appeal to academic researchers and graduate students working in computational economics, agent-based modelling and econophysics, as well as mainstream economists interested in learning more about alternatives to DGSE models in macroeconomics.

Recenzijas

'If, against all the empirical evidence, you insist on believing that the processes of entry and exit of companies do not affect the structure of the market, do not read this book. Using an agent-based methodology, the authors provide a fully convincing interpretation of how the interaction between oligopolistic firms is at the origin of the fluctuations and structural dynamics of capitalism, controllable thanks to economic policy.' Mauro Gallegati, Marche Polytechnic University 'This book is a fascinating attempt to rethink one of the basic questions in macroeconomics by using agent-based modelling, rather than mathematical equations. It clearly demonstrates the potential of this approach with a clear explanation of the model and the theory lying behind it.' Nigel Gilbert, University of Surrey 'With this book Mazzoli, Morini and Terna have demonstrated their thought leadership in the field of agent-based macroeconomics. Their innovative framework for understanding dynamical causality, constraints, and interactions among market participants, industrial structures, and strategic partners offers us a computational tool for capturing, predicting, and planning for complexities of the modern economic world.' Mirsad Hadzikadic, Professor, UNC Charlotte 'One of the relevant advantages of the agent-based models over the general economic equilibrium approach is that they allow us to model the behavior of heterogeneous agents. In this book the authors introduce an endogenous market structure, with a supply-side founded on the strategic behavior of a set of incumbent oligopolistic firms, engaged in a struggle to fence off potential new entrants. The demand side is modeled both as a clearing market and here comes the innovation as a system of interacting, price-fixing agents, carrying out a trial and error process. This approach is a successful attempt to breach the wall between the agent-based and mainstream macro modeling.' Massimo Egidi, Professor emeritus, Luiss University of Rome

Papildus informācija

An innovative new agent-based macroeconomic framework demonstrating the macroeconomic implications of industrial structure and strategic interactions amongst oligopolistic firms within an economy.
List of Illustrations
ix
List of Tables
xv
Notes on Contributors xviii
Introduction 1(8)
Part One Theory
9(66)
1 Industrial Structure and the Macroeconomy: A Few Premises for a Macromodel
11(15)
1.1 Introduction
11(1)
1.2 Why a New Theoretical Approach
12(14)
1.2.1 Microfoundation
14(5)
1.2.2 Market Structure
19(4)
1.2.3 Expectations and Implications for the Simulations
23(3)
2 Industrial Structure and the Macroeconomy: The Macroeconomic Model and Its Algebraic Framework
26(49)
2.1 Introduction
26(2)
2.2 The Algebraic Derivation of the Aggregate Demand
28(11)
2.3 The Firms
39(9)
2.4 The Incentive Compatible Wage, the Probability of Entry and Exit and the Employment Level
48(7)
2.5 A Digression on the Link Between the Labor Market Equilibrium, the Firm's Output and the Entry Decision
55(8)
2.6 Interpreting the Nature of the Equilibrium in the Oligopolistic Market
63(4)
2.7 A Few Equations Summarizing the Model for the Agent-Based Simulations
67(1)
2.8 Concluding Remarks
68(2)
2.9 Technical Specifications - Entry and Output Determination: The Existence of a Cournot-Nash Equilibrium
70(5)
Part Two Model
75(106)
3 A Computable Market Model: The Structure of the Agent-Based Simulation
77(29)
3.1 A Scheme to Start
77(7)
3.1.1 SLAPP - Swarm-Like Agent Protocol in Python
78(1)
3.1.2 The Structure of the Simulation Model
79(5)
3.1.3 What Is a Cycle and What Are Sub-Steps?
84(1)
3.1.4 Item 1: Reset Action
84(1)
3.2 Item 2: makeProductionPlan or adaptProductionPlan
84(3)
3.2.1 makeProductionPlan
84(1)
3.2.2 adaptProductionPlan
85(2)
3.3 Item 3: hireFireWithProduction
87(1)
3.4 Item 4: produce
87(1)
3.4.1 Item 4, Continuation: workTroubles
88(1)
3.5 Item 5: planConsutnptionlnValue
88(1)
3.6 Item 6: setlnitialPricesHM
89(3)
3.7 Item 7: actOnMarketPlace
92(4)
3.8 Item 8: setMarketPrice
96(1)
3.9 Item 9: evaluateProfit
97(1)
3.10 Item 10: nextSellPriceJumpFHM and nextSellPricesQHM
98(4)
3.10.1 Item tO-fulh nextSellPriceJumpFHM
98(1)
3.10.2 Item 10-quasi: nextSellPricesQHM
99(3)
3.11 Item 11: toEntrepreneur and toWorker
102(1)
3.11.1 Item 11: toEntrepreneur
102(1)
3.11.2 Item 11: to Worker
102(1)
3.12 Item 12: On wages: fullEmploymentEffect and incumbent Action
103(3)
3.12.1 Item 12: fullEmploymentEffectOnWages
103(1)
3.12.2 Item 12: incumbentActionOnWages
103(3)
4 The Results of the Simulation Agent-Based Model, in SMAC and ASHAM Modes
106(62)
4.1 Initial Results, Cases 0a (g in Figure 4.17) and 0b (h in Figure 4.17)
106(6)
4.2 Synopsis of SMAC Experiments, from Atomistic to Oligopolistic Markets
112(24)
4.2.1 Case 1 (a in Figure 4.17): 100 Entrepreneurs and 100,000 Workers
112(3)
4.2.2 Case 2 (b in Figure 4.17): 1,000 Entrepreneurs and 100,000 Workers
115(2)
4.2.3 Case 3 (c in Figure 4.17): 10 Entrepreneurs and 100,000 Workers
117(3)
4.2.4 Case 4 (d in Figure 4.17): 20 Entrepreneurs and 100,000 workers
120(3)
4.2.5 Case 5 (e in Figure 4.17): 50 Entrepreneurs and 100,000 Workers
123(2)
4.2.6 Case 6 (f in Figure 4.17): 50 entrepreneurs and 10,000 workers
125(2)
4.2.7 Summarizing Countercyclical Markup Presence in Cases 0a to 6
127(1)
4.2.8 Synopsis of Cases from 0a to 6, in the SMAC Economy
127(9)
4.3 A Qualitative Analysis of ASHAM Experiments
136(2)
4.4 Full ASHAM
138(9)
4.4.1 Case 7: 10 Entrepreneurs and 10,000 Workers, in a Stable Economy, with an Increasing Number of Firms
138(6)
4.4.2 Case 8: 10 Entrepreneurs and 10,000 Workers, in a Stable Economy, with Firm Dynamic
144(3)
4.5 Quasi ASHAM, with the Unsold Option
147(6)
4.5.1 Case 9: 10 Entrepreneurs and 10, 000 Workers, in a Nearly Stable Economy, with a Final Tight Oligopolistic Structure
147(6)
4.6 Quasi ASHAM, with the randomUp Option
153(5)
4.6.1 Case 10: 10 Entrepreneurs and 10,000 Workers, in a Stable Economy, with Information Shocks and a Stable Oligopolistic Structure
154(4)
4.7 Quasi ASHAM, with the Profit Option
158(5)
4.7.1 Case 11: 10 Entrepreneurs and 10,000 Workers, in a Stable Economy, with a Stable Oligopolistic Market
159(4)
4.8 Synopsis of Cases from 7 to 11, in the ASHAM Economy
163(1)
4.9 Random Values On and Off, a Test in the ASHAM Environment
163(5)
5 The Model Facing Empirical Data
168(13)
Conclusions
176(3)
Appendices
179(2)
Appendix A The Structure of an Atomistic Simplified Hayekian Market
181(22)
A.1 The Structure of the Model and the Warming Up Phase
181(1)
A.2 The Atomistic Hayekian Version
182(3)
A.3 The Unstructured Version
185(1)
A.4 Two Triple Cases of Not Balancing Numbers of Buyers and Sellers
185(18)
A.4.1 Case nBuyers >> nSellers
185(7)
A.4.2 Case nBuyers >> nSellers
192(4)
A.5 Activating Idle Agents
196(1)
A.5.1 Corrupting the Simplified Hayekian Market Model
196(4)
A.5.2 A Fundamental Unexpected By-Product
200(3)
Appendix B The Acrostics of the Simulation Model and Its Parameters
203(7)
Appendix C How to Run the Oligopoly Model with SLAPP
210(11)
C.1 Time Management
213(5)
C.1.1 The Schedule.xls Formalism
214(3)
C.1.2 The observer Actions and modelActions as High Level Schedule Formalisms
217(1)
C.2 Running a Specific Experiment, with Backward Compatibility
218(2)
C.3 Running the Code Directly Online
220(1)
References 221(6)
Author Index 227(1)
Subject Index 228
Marco Mazzoli is Associate Professor of Economic Policy at Universitą degli Studi di Genova. He has published various papers in international journals, as well as the monograph Credit, Investments and the Macroeconomy (Cambridge, 1998). Matteo Morini is currently a postdoctoral researcher at the Universität Koblenz-Landau, Germany, and holds a research scientist position at Universitą degli Studi di Torino, Italy; he also teaches in the Collegio Carlo Alberto postgraduate programme and sits on the board of directors (as vice-president) of the Swarm Development Group. He has co-authored and co-edited two books on complexity and agent-based modelling. Pietro Terna is a retired professor of Universitą degli Studi di Torino, Italy, where he was a full Professor of Economics. His research work has been pioneering the use of Swarm to create social simulations with agent-based models. He has also prepared a new agent-based simulation tool in Python (Swarm-Like Agent Protocol in Python), SLAPP.