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Macroeconomics --- Econometric models. --- Economics, Mathematical --- Economics --- Multiagent systems --- Econometric models --- Data processing --- Mathematical models --- Computer programs --- Macroeconomics - Econometric models --- Economics - Data processing --- Economics - Mathematical models --- Economics - Computer programs

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This book offers a practical guide to Agent Based economic modeling, adopting a “learning by doing” approach to help the reader master the fundamental tools needed to create and analyze Agent Based models. After providing them with a basic “toolkit” for Agent Based modeling, it present and discusses didactic models of real financial and economic systems in detail. While stressing the main features and advantages of the bottom-up perspective inherent to this approach, the book also highlights the logic and practical steps that characterize the model building procedure. A detailed description of the underlying codes, developed using R and C, is also provided. In addition, each didactic model is accompanied by exercises and applications designed to promote active learning on the part of the reader. Following the same approach, the book also presents several complementary tools required for the analysis and validation of the models, such as sensitivity experiments, calibration exercises, economic network and statistical distributions analysis. By the end of the book, the reader will have gained a deeper understanding of the Agent Based methodology and be prepared to use the fundamental techniques required to start developing their own economic models. Accordingly, “Economics with Heterogeneous Interacting Agents” will be of particular interest to graduate and postgraduate students, as well as to academic institutions and lecturers interested in including an overview of the AB approach to economic modeling in their courses.

Computer simulation. --- Application software. --- Microeconomics. --- Macroeconomics. --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Simulation and Modeling. --- Computer Appl. in Social and Behavioral Sciences. --- Econometric models. --- Economics --- Mathematical models. --- Economics, Mathematical --- Econometrics --- Mathematical models --- Social sciences --- Data processing. --- Computer modeling --- Computer models --- Modeling, Computer --- Models, Computer --- Simulation, Computer --- Electromechanical analogies --- Simulation methods --- Model-integrated computing --- Price theory --- Application computer programs --- Application computer software --- Applications software --- Apps (Computer software) --- Computer software

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We explore the properties of a credit network characterized by inside credit - i.e. credit relationships connecting downstream (D) and upstream (U) firms - and outside credit - i.e. credit relationships connecting firms and banks. The structure of the network changes over time due to the preferred-partner choice rule: each agent chooses the partner who charges the lowest price. The net worth of D firms turns out to be the driver of fluctuations. U production, in fact, is determined by demand of intermediate inputs on the part of D firms and production of the latter is financially constrained, i.e. determined by the availability of internal finance proxied by net worth. The output of simulations shows that at the macroeconomic level a business cycle can develop as a consequence of the complex interaction of the agents' financial conditions. We can also reproduce the main stylized facts of firms' demography, i.e. the power law distribution of firms' size and the Laplace distribution of firms' growth rates.