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    SCE Workshops

    中文報名請將姓名、機構、職稱email 至：aiecon.center@gmail.com
    報名費請以 ATM方式匯至：第一銀行(007) 木柵分行 帳號:167-50-163601

    Two optional workshops will be offered to conference attendees prior to the start of CEF 2015:
    1. Agent-Based Modeling (ABM) in Economics and Finance by Prof. Murat Yildizoglu - 18 June, 2015 (9 am - 5 pm), Room 203
    2. Complex Economic Systems in Macro and Finance by Prof. Cars Hommes - 19 June, 2015, (9 am - 5 pm), Room 103
    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

    18 June 2015, 9 am - 5 pm
    Venue: Room 203

    Presented by

    Murat Yildizoglu
    Bordeaux University


    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

    1. Introduction: ABMs for modeling the economy as a complex adaptive system (1h)
    2. Introduction to NetLogo: Presentation of NetLogo and of its modeling language using a very simple example (2h)
    3. Hands-on session (3h): each participant will be invited to choose one of the following simple models and to develop a NetLogo version of that model
      • A Cournot oligopoly with learning firms
      • Nelson & Winter's R&D and industry dynamics model
      • A simple financial market

    References
    • 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 Help

    NetLogo web site
    Do    cumentation of NetLogo
    Dictionary of NetLogo language
    Quick Introduction to NetLogo by Luis R. Izquierdo
    Video tutorials on YouTube by Gabriel Wurzer


    Short Bio - Murat Yildizoglu

    Yildizoglu

    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.).

    Complex Economic Systems in Macro and Finance

    19 June 2015, 9 am - 5 pm
    Venue: Room 103

    Presented by

    Cars Hommes
    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):

    Lecture slides
    1. Complex systems, non-linear dynamics, behavioral rationality and heterogeneous expectations;
    2. Asset pricing model with heterogeneous beliefs;
    3. Empirical validation and laboratory experiments;
    4. Behavioral macroeconomics with heterogeneous expectations.
    References

    Short Bio - Cars Hommes

    Hommes

    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.