Many aggregate patterns can be explained as emerging from complex systems of heterogeneous agents, in which the interaction of agents at the micro level forms the macro properties of the economic system, thereby determining the emergence of macro regularities such as economic growth, unemployment, and income distribution. This important link between the micro and macro level of an economic system has not received sufficient attention in the economic theory, which has traditionally been split in the two domains of microeconomics and macroeconomics. Frequently, macroeconomic models are based on a “microfoundation” by assuming that the population consisted of one single representative agent (or an army of "identical clones"). Although this preserves analytical tractability, it causes a relevant reduction in terms of realism.
Agent-based economics opened up new perspectives on the exploration of socially relevant questions and can provide solutions to complex problems that are difficult to study with the methodological standard toolkit of economists. Such a methodology allows for the presence of feedbacks among agents and the economic environment in which they interact, such as the emergence of socio-economic networks with possible contagion effects, the characterization of non-Gaussian distributions, as well as the endogenous appearance of boom and bust cycles.
Main Topics of the Conference:
Agent Based Models (ABMs): theory and computation, calibration and estimation; Macroeconomic ABMs: emergence of dynamic aggregate behavior; Microeconomic ABMs: markets and individual behavior; Economic growth and technical change; Sustainable development and climate change; Complex Dynamics; Economic, Financial and Social Networks; Econophysics: application of statistical physics methods to economic issues; Experimental Economics; Bounded rationality and learning; Evolutionary Game Theory; Economy as a Complex System; Analysis of Wealth and Income Inequality; Emergence of Cooperation; Big Data and Artificial Intelligence in Economics; Spatial agent models and urban complex adaptive systems; Cryptocurrency Research; DSGE models with heterogeneous agents