GENED - 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.

  • 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