TY  - GEN
AB  - This paper provides a detailed description of the Eurace@Unibi model, which has been developed as a
versatile tool for economic policy analysis. The model explicitly incorporates the decentralized
interaction of heterogeneous agents across different sectors and regions. The modeling of individual
behavior is based on heuristics with empirical microfoundations. Although Eurace@Unibi has been
applied successfully to different policy domains, the complexity of the structure of the model, which is
similar to other agent-based macroeconomic models, has given rise to concerns about the reproducibility
and robustness of the obtained insights. This paper addresses these concerns by describing the exact
details of all decision rules, interaction protocols and balance sheets used in the model. Furthermore, we
discuss the use of a virtual appliance as a tool allowing third parties to reproduce and verify the
simulation results. The paper provides a systematic and extensive sensitivity analysis of the simulation
output with respect to a set of key parameters. Particular emphasis is put on the question which
parameter constellations give rise to strong economic fluctuations and high frequencies of sudden
downturns in economic activity.
DA  - 2016
DO  - 10.4119/unibi/2902981
KW  - Eurace@Unibi
KW  - agent-based economics
KW  - agent-based macroeconomics
KW  - policy analysis
KW  - reproducibility
KW  - virtual appliance
KW  - etace_agent_based_modelling
LA  - eng
PY  - 2016
SN  - 2196-2723
SP  - 66-
TI  - A Heterogeneous Agent Macroeconomic Model for Policy Evaluation: Improving Transparency and Reproducibility
UR  - https://nbn-resolving.org/urn:nbn:de:0070-pub-29029819
Y2  - 2024-11-22T02:05:16
ER  -