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An agent-based software platform for European economic policy design with heterogeneous interacting agents: new insights from a bottom up approach to economic modelling and simulation

Objective

Macroeconomic policy design plays a fundamental role in social welfare and requires a coordinated application of economic policy measures, e.g., fiscal and monetary strategies, knowledge exchange, R&D incentives etc. Generally speaking, the interplay of such different measures is not completely understood and macroeconomic design follows a classical approach. Conversely, there is considerable interest in the development of an alternative paradigm to the rational representative agent model.

This project tackles this complex problem and proposes an innovative approach to macroeconomic modelling and economic policy design within the agent-based computational economics framework. The project objectives are characterized by scientific, technological and societal scopes.

From the scientific point of view, the main effort regards the study and the development of multi-agent models that reproduce, at the aggregate economic level, the emergence of global features as a self-organized process from the complex pattern of interactions among heterogeneous individuals.

From the technological point of view, the project will develop, with advanced software engineering techniques, a software platform in order to realize a powerful environment for large-scale agent-based economic simulations. Key issues will be the definition of formal languages for modelling and for optimizing code generation, the development of scalable computational simulation tools and the standardization of data with easy to use human-machine interfaces.

Finally, from the social point of view, the agent-based software platform for the simulation of the European economy will have an outstanding impact on the economic policy design capabilities of the European Union. It will be a powerful tool, enabling to perform "what-if" analysis, optimizing the impact of regulatory decisions that will be quantitatively based on European economy scenarios.

Funding Scheme

STREP - Specific Targeted Research Project

Coordinator

UNIVERSITA DEGLI STUDI DI GENOVA
Address
Via Balbi 5
Genova
Italy

Participants (7)

THE SCIENCE AND TECHNOLOGY FACILITIES COUNCIL
United Kingdom
Address
Polaris House, North Star Avenue
SN2 1SZ Swindon
THE UNIVERSITY OF SHEFFIELD
TURKIYE BILIMSEL VE TEKNOLOJIK ARASTIRMA KURUMU
Turkey
Address
Ataturk Bulvari No. 221 Kavaklidere
06100 Ankara
UNIVERSITA DEGLI STUDI DI CAGLIARI
Italy
Address
Via Universita 40
Cagliari
UNIVERSITA POLITECNICA DELLE MARCHE
Italy
Address
Piazza Roma 22
60100 Ancona
UNIVERSITAET BIELEFELD
Germany
Address
Universitaetsstrasse 25
100131 Bielefeld
UNIVERSITE DE LA MEDITERRANNEE AIX-MARSEILLE II
France
Address
Bd Charles Livon 58 Le Pharo. Jardin E. Duclaux
13284 Marseille Cedex 07