Herbert Dawid, Philipp Harting and Sander van der Hoog

Author Archive | Herbert Dawid, Philipp Harting and Sander van der Hoog


Manager Remuneration, Share Buybacks and Firm Performance

Using a dynamic heterogeneous agent industry model we examine the impact of manager remuneration schemes on firms investment decisions and on the evolution of their competitiveness and share values. Whereas an increase in the share-based manager remuneration component is always bene cial to the manager, it is bene cial for shareholders only if such a change in […]

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A Heterogeneous Agent Macroeconomic Model for Policy Evaluation: Improving Transparency and Reproducibility

This paper provides a detailed description of the Eurace@Unibi model, which has been developed as a versatile tool for economic policy analysis. The model explicitly incorporates the decentralized interaction of heterogeneous agents across different sectors and regions. The modeling of individual behavior is based on heuristics with empirical microfoundations. Although Eurace@Unibi has been applied successfully […]

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Bubbles, crashes and the financial cycle: insights from a stock-flow consistent agent-based macroeconomic model

This paper explores how different credit market- and banking regulations affect business fluctuations. Capital adequacy- and reserve requirements are analysed for their effect on the risk of severe downturns. We develop an agent-based macroeconomic model in which financial contagion is transmitted through balance sheets in an endogenous firm-bank network, that incorporates firm bankruptcy and heterogeneity […]

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