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Two optional workshops will be offered to conference attendees prior to the start of CEF 2015:
Registration for workshops is available online with conference registration. The fee for a one-day workshop is $25 and a discounted fee of $40 for those who wish to attend both workshops.
- Agent-Based Modeling (ABM) in Economics and Finance by Prof. Murat Yildizoglu - 18 June, 2015 (9 am - 5 pm), Room 203
- Complex Economic Systems in Macro and Finance by Prof. Cars Hommes - 19 June, 2015, (9 am - 5 pm), Room 103
18 June 2015, 9 am - 5 pm Presented by
Venue: Room 203
The aim of this workshop is to introduce the participants to the
development of ABMs in economics and finance, with a hands-on approach
using a user-friendly ABM platform: NetLogo.
This six-hours workshop will start with a very quick introduction to
agent-based modeling in economics, present the NetLogo platform and its
modeling language, and invite the participants to develop a model
selected from a sample proposed by the instructor (see the list below). The web site dedicated to the workshop will later propose supplementary documents and information about this workshop.
NetLogo is a modeling platform that is very well adapted to the
development of small/medium scale ABMs that can also be run on
multi-core computers and clusters. It provides the modeler with tools
for developing a graphical user interface for exploring the model's
behavior, and learning its modeling language is quite easy.
The users are invited to download and install NetLogo on their computers before the beginning of the workshop. It is available for all major operating systems.
Outline of the workshop
- Introduction: ABMs for modeling the economy as a complex adaptive system (1h)
- Introduction to NetLogo: Presentation of NetLogo and of its modeling language using a very simple example (2h)
- Hands-on session (3h): each participant will be invited to choose
one of the following simple models and to develop a NetLogo version of
- A Cournot oligopoly with learning firms
- Nelson & Winter's R&D and industry dynamics model
- A simple financial market
Miller, John H., & Page, Scott E. 2007. Complex Adaptive Systems. Princeton University Press.
Nelson, R. and S. Winter, 1984, An Evolutionary Theory of Economic Change, Belknapp Press, Cambridge: MA
Railsback, Steven F., & Grimm, Volker. 2012. Agent-based and Individual-based Modeling. A practical introduction. Princeton University Press.
Schelling, Thomas C. 2006. Micromotives and Macrobehavior. W.W. Norton.
- Vallee T., M. Yildizoglu, "Convergence in the Finite Cournot Oligopoly with Social and Individual Learning", Journal of Economic Behaviour and Organization, 72, 670-690, 2009.
NetLogo web site
Documentation of NetLogo
Dictionary of NetLogo language
Quick Introduction to NetLogo by Luis R. Izquierdo
Video tutorials on YouTube by Gabriel Wurzer
Murat Yildizoglu is professor of
economics at Bordeaux University, and a member of the joint research
team GREThA (UMR CNRS 5113). He is the director of the master program on
Economic and Financial Engineering at the same university.
He has been developing ABMS (in C, C++, Java, and more recently, in
NetLogo) since the 1990s, mainly on the complex relations between
innovation of firms and industrial dynamics, but also on organizational
dynamics, networks, industrial organization, and macroeconomics. He
teaches ABMs in economics in the undergraduate and master programs at
the Bordeaux University, and elsewhere (EMI master program at
Strasbourg, Ecole Mohammedia des Ingenieurs a Rabat, etc.).
19 June 2015, 9 am - 5 pm Presented by
Venue: Room 103
University of Amsterdam
Recognizing that the economy is a complex system with boundedly rational interacting agents,
the course presents a behavioral theory of heterogeneous expectations in complex economic systems
and confronts the nonlinear dynamic models with empirical stylized facts and laboratory experiments
with human subjects. The complexity modeling paradigm has been strongly advocated since the late 1980s by
some economists and by multidisciplinary scientists from various fields, such as physics, computer science and biology.
More recently the complexity view has also drawn the attention of policy makers, who are faced with complex phenomena,
irregular fluctuations and sudden, unpredictable market transitions.
The complexity tools discussed in this course will help students,
researchers and policy makers to build more realistic behavioral models
with heterogeneous expectations to describe financial market movements and
macro-economic fluctuations, in order to better manage crises in a complex global economy.
Contents (4 lectures):
- Complex systems, non-linear dynamics, behavioral rationality and heterogeneous expectations;
- Asset pricing model with heterogeneous beliefs;
- Empirical validation and laboratory experiments;
- Behavioral macroeconomics with heterogeneous expectations.
- C.H. Hommes (2013), Behavioral rationality and heterogeneous expectations in complex economic systems, Cambridge University Press.
- Cornea-Madeira, A, Hommes, C. H and Massaro, D (2015), Behavioral Heterogeneity in U.S. Inflation Dynamics
- Bolt, W., et.al (2014), Identifying Booms and Busts in House Prices under Heterogeneous Expectations
- Assenza, T, et. al (2014), Managing Self-organization of Expectations through Monetary Policy: a Macro Experiment
Cars Hommes holds a Ph-D in Mathematical Economics in 1991 from the University of Groningen and is professor of Economic Dynamics at
the University of Amsterdam. In 1998 he obtained a prestigious Pionier-grant from the Netherlands Organization of Scientific Research (NWO)
to start the Center for Nonlinear Dynamics in Economics and Finance (CeNDEF), an interdisciplinary research group on complex systems applications
in economics and finance. CH is particularly well known from his behavioral theory of heterogeneous expectations, its applications to economics and
finance and testing in empirical work and laboratory macroexperiments.
Cars Hommes has been Editor of the Journal of Economic Dynamics and Control 2002-2012 and currently is member of five editorial boards
of international journals. He has obtained several grants from the Dutch Science Foundation (NWO),
the European Commission (EC) and is an Institute of New Economic Thinking (INET) grantee.
He is the President Elect of the Society of Computational Economics (SCE), 2014,
the author of the recent book Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems,
Cambridge University Press, 2013 and winner of the Distinguished Lorentz Fellowship 2014 in the Netherlands for his interdisciplinary research.