Partners
- Otto Friedrich University Bamberg
The team of Frank Westerhoff develops, calibrates and estimates small-scale, behavioral, agent-based models to investigate the dynamics of financial markets and the macroeconomy. These models are also used to
study the effects of policy measures such as transaction taxes, central bank interventions, trade barriers or monetary and fiscal policy rules. Analytical and numerical tools from the theory of nonlinear dynamical
systems and complexity sciences play an important role in this endeavor.
The research of the team of Mishael Milakovic is centered around the concept of a statistical economic equilibrium, that is a situation in which the interactions of heterogeneous economic agents produce robust
distributional regularities in spite of considerable fluctuations in the underlying individual destinies over time. Examples of such distributional regularities abound in economics and finance, including the (non-Gaussian)distributions of firm and agglomeration sizes, wealth and income, or the profitability and growth of firms. From a methodological point of view, the statistical equilibrium approach can serve as a ’disciplining device’
for large scale agent-based simulations, allowing researchers to discard microscopic characteristics or interaction mechanisms that cancel out in the process of aggregation, while at the same time offering insights into
the macroscopic constraints that are relevant for the observed distributional outcomes.
The team of Christian Proaño focuses on the theoretical modelling of the interaction between the financial sector and the macroeconomy mainly from a bounded rationality perspective. The design and analysis of monetary and fiscal policy under bounded rationality, as well as of macroprudential policy, are key research areas for Christian Proaño’s team. Additionally, the link between economic inequality, macroeconomic dynamics and the
political sphere is a topic being investigated by the team both from a theoretical as well as from an empirical perspective.
Prof.
Frank Westerhoff
Prof.
Mishael Milakovic
Prof.
Christian R. Proaño
Dr. Philipp Mundt
Dr. Naira Kotb
Dr. Noemi Schmitt
Dr. Jan Schulz-Gebhard
Leo Ipsen Armin Aminian
Rafael Kothe Jonas Dix
Sarah Mignot
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Universität Bayreuth
The focus of our research is on formally modelling trading strategies for asset portfolios using methods from mathematical control theory.
The characteristics of trading strategies are analyzed in a mathematically rigorous way, in particular by means of stochastic differential equations.
In addition, we are interested in the wider economic impact of such strategies and their interactions with other trading strategies as applied in
financial markets. This analysis builds on heterogeneous agents-models. A final field of research is non-linear model predictive control (NMPC) with
economic applications.
Prof. Dr. B. Herz
Prof. Dr. L. Grüne
Dr. M. H. Baumann
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Bielefeld University
GENED related work at Bielefeld University focuses an agent-based policy analysis with particular focus on industrial dynamics, labor market dynamics
and financial regulation. Furthermore, heterogeneous agent models are employed to gain a better understanding (of dynamic) mechanisms responsible for the generation of
(income) inequaltiy in different contexts. The group also contributes to the methodological development of agent-based modelling both with respect to the design and
empirical foundations of the models and with respect to the tools for statistically sound analysis of simualtion results.
Prof.
Herbert Dawid
J.-Prof. Dr. Tomasz Makarewicz
Dr. Philipp Harting
Dr. Kerstin Hötte
Dr. Dirk Kohlweyer
Alessandro Basurto
Miquel Bassart i Lore
Fiona Borsetzky
Debmallya Chanda
Zhongli Wang
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Ruhr University Bochum
The Institute’s main field of research is behavioural and complexity macroeconomics. Here, the actual behaviour of economic agents is analysed with the use of several empirical methods, such as econometric analyses, survey studies
and laboratory experiments. Based on findings gained from empirical research, new macroeconomic models can then be
developed using agent-based computer simulations. At the behavioural level, researchers at the institute investigate
the formation of expectations, the use of information, and people’s strategies for decision-making under uncertainty. Agent-based models are used to study sustainability issues at the macroeconomics level, such as the sustainability of
pension systems, the sustainable use of natural resources, or questions of sustainable growth in the long term.
Prof.
Michael Roos
Florian Lewalder
Frederik Schaff
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Chemnitz University of Technology
GENED members at Chemnitz University of Technology focus on economic dynamics and complexity economics. Of particular importance are agent-based modeling, network theory, game theory, and statistical distributions of economic quantities as well as the applications of these methods to empirical data and economic policy. Specific research topics include innovation and patenting, financial fragility, ecological economics, industrial organization, and technological change.
The Institute’s main field of research is behavioural and complexity macroeconomics. Here, the actual behaviour of economic agents is analysed with the use of several empirical methods, such as econometric analyses, survey studies
Prof. Dr. Torsten Heinrich
Prof. Dr. Paola D'Orazio
Anja Janischewski
Nils Rochowicz
Hong Son Nguyen
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Technische Universität Darmstadt
The members of the GENED group from Technische Universität Darmstadt build Agent-Based Models on various topics
with a strong focus on economic inequality. The effect of policies addressing inequality between households or regions
is evaluated in more elaborate macroeconomics models as well as in partial models of the financial or the labor market.
More specifically, the group is interested in the distributional effects of educational
voucher programs, market based affirmative action policies, social networks and gender inequality, or the effects of European Union regional funds programs.
Prof.
Michael Neugart and past members of the group
Metin Akyol (State of Wisconsin- Investment Board)
Thomas Fischer (Lunds Universität)
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Justus Liebig University Gießen
The team at the Justus-Liebig-University in Giessen puts emphasis on the validation of agent based models including
the development of calibration and estimation methods. Current research also addresses the operationalization of model
complexity. For applications, a focus is on financial markets. In particular, explicit modelling of markets with high frequency trading in an agent based model is on the current research agenda.
Prof.Peter Winker
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Friedrich Schiller University Jena
The members of the GENED group from the Friedrich Schiller University conduct research using Agent-Based Models on
various topics with a strong emphasis on innovation economics.
On the current agenda are, for example, questions related
to tax incentives for innovations, policies stimulating evolution and diffusion of renewable energy generation technologies
(REGTs) and evolution of R&D networks. Principles of evolutionary economics but also evolutionary optimization play an important role in investigating those topics.
Prof.Uwe Cantner
Johannes Karl Herrmann
Mike Daniel Farjam
Muhammad Ali
Eko Agus Prasetio
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Karlsruher Institut für Technologie
The group of researchers at the Karlsruhe Institute of Technology works mainly on the role of general purpose technologies (GPTs) in knowledge networks.
Of special interest is the transition from simple value creation chains to complex networks that account for various interdependencies and feedback effects arising due to horizontal and vertical
linkages between the involved actors. The group is supported by Helmholtz research grant (HIRG-0069) and works closely with colleagues from the Bureau d'Economie Théorique et Appliquée (BETA), France.
Prof. Ingrid Ott
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Christian Albrechts University Kiel
Prof.
Thomas Lux
Sven Bauermeister
Lutz Honvehlmann
Sahand Kashiri
Clemens Knoppe
Christian Nyahalima
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Centre for European Economic
Research (ZEW) Mannheim
Prof. Michael Schröder
Jesper Riedler
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Additional Members
Dr. Tom Bauermann, Institut für Makroökonomie und Konjunkturforschung
Assoc.-Prof. Dipl.-Vw. Dr. Dmitri Blüschke, Alpen Adria University Klagenfurt
J.-Prof. Dr. Claudius Gräbner-Radkowitsch, Europa-Universität Flensburg
Prof. Dr. Diego d'Andria, Schmalkalden University of Applied Sciences
Dr. Lina Kalimullina, University of Tübingen
Dr. Anna Klabunde, Max-Planck-Institut für demographische Forschung
Teresa Lackner, Universität Graz
Philipp Marquardt, Universität Mannheim
Dr. Patrick Mellacher, Universität Graz
Dr. Matthias Raddant, Technische Universität Graz
Magdalena Rath, Universität Graz
Prof. Dr. Ivan Savin, ESCP Business School Madrid
Samuel Wiese, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford