Giovanni Dosi, Mauro Napoletano, Andrea Roventini, Joseph E. Stiglitz and Tania Treibich

Author Archive | Giovanni Dosi, Mauro Napoletano, Andrea Roventini, Joseph E. Stiglitz and Tania Treibich


Rational Heuristics? Expectations and Behaviors in Evolving. Economies with Heterogeneous Interacting Agents

We analyze the individual and macroeconomic impacts of heterogeneous expectations and action rules within an agent-based model populated by heterogeneous, interacting firms. Agents have to cope with a complex evolving economy characterized by deep uncertainty resulting from technical change, imperfect information coordination hurdles and structural breaks. In these circumstances, we find that neither individual nor […]

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What if supply-side policies are not enough? The perverse interaction of flexibility and austerity

In this work we develop a set of labour market and fiscal policy experiments upon the labour and credit augmented “Schumpeter meeting Keynes” agent-based model. The labour market is declined under two institutional variants, the “Fordist” and the “Competitive” setups meant to capture the historical transition from the Fordist toward the post “Thatcher- Reagan” period. […]

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Endogenous growth and global divergence in a multi-country agent-based model

In this paper we present a multi-country, multi-industry agent-based model investigating the different growth patterns of interdependent economies. Each country features a Schumpeterian engine of endogenous technical change which interacts with Keyneasian/Kaldorian demand generation mechanisms. National growth trajectories are driven by firms’ accumulation of technological knowledge, which in turn also leads to emergent specialization patterns […]

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Validation of Agent-Based Models in Economics and Finance

Since the influential survey by Windrum et al. (2007), research on empirical validation of agent-based models in economics has made substantial advances, thanks to a constant flow of high-quality contributions. This Chapter attempts to take stock of such recent literature to offer an updated critical review of existing validation techniques. We sketch a simple theoretical […]

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Faraway, so Close: Coupled Climate and Economic Dynamics in an Agent-Based Integrated Assessment Model

In this paper we develop the first agent-based integrated assessment model, which offers an alternative to standard, computable general-equilibrium frameworks. The Dystopian Schumpeter meeting Keynes (DSK) model is composed of heterogeneous firms belonging to capital-good, consumption-good and energy sectors. Production and energy generation lead to greenhouse gas emissions, which affect temperature dynamics in a non-linear […]

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Agent-Based Model Calibration using Machine Learning Surrogates

Taking agent-based models (ABM) closer to the data is an open challenge. This paper explicitly tackles parameter space exploration and calibration of ABMs combining supervised machine-learning and intelligent sampling to build a surrogate meta-model. The proposed approach provides a fast and accurate approximation of model behaviour, dramatically reducing computation time. In that, our machine-learning surrogate […]

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Causes and Consequences of Hysteresis: Aggregate Demand, Productivity and Employment

In this work we develop an agent-based model where hysteresis in major macroeconomic variables (e.g. GDP, productivity, unemployment) emerges out of the decentralized interactions of heterogeneous firms and workers. Building upon the model in Dosi et al. (2016, 2017), we specify an endogenous process of accumulation of workers’ skills and a state-dependent process of entry, […]

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