Options
An agent-based macroeconomic model with interacting firms, socio- economic opinion formation and optimistic/pessimistic sales expectations
Westerhoff, Frank H. (2010): An agent-based macroeconomic model with interacting firms, socio- economic opinion formation and optimistic/pessimistic sales expectations, in: New Journal of Physics., London: IOP, Jg. 12, Nr. 75035, S. 1–20, doi: 10.1088/1367-2630/12/7/075035.
Faculty/Chair:
Author:
Title of the Journal:
New journal of physics : the open-access journal for physics
ISSN:
1367-2630
Corporate Body:
Deutsche Physikalische Gesellschaft
Publisher Information:
Year of publication:
2010
Volume:
12
Issue:
075035
Pages:
Language:
English
Abstract:
We propose a simple agent-based macroeconomic model in which frms hold heterogeneous sales expectations. A frm may either optimistically expect an increase in its sales or pessimistically expect the opposite. Whether a given frm is optimistic or pessimistic depends on macroeconomic conditions and the average mood prevailing within its social/local neighborhood. For instance, the probability of a frm taking an optimistic view increases not only during a boom but also with the number of its optimistic neighbors. We show that such an economy may give rise to co-evolving dynamics between the business cycle and the frms’ average sentiment.
Keywords:
-
DDC Classification:
RVK Classification:
Type:
Article
Activation date:
April 30, 2014
Versioning
Question on publication
Permalink
https://fis.uni-bamberg.de/handle/uniba/4248