Regensburg 2022 – wissenschaftliches Programm

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SOE: Fachverband Physik sozio-ökonomischer Systeme

SOE 3: Economic Models

SOE 3.4: Vortrag

Montag, 5. September 2022, 11:15–11:30, H11

Macroscopic approximation for an agent based socio-economic model — •Sören Nagel¹, Eckehard Schöll^1,2, and Jobst Heitzig¹ — ¹Potsdam Institute for Climate Impact Research — ²Institut für Theoretische Physik, TU Berlin

We investigate an agent-based model for economic growth that contains an underlying social network in order to incorporate bounded rationality. To further extend the results presented in [1] we combine a moment closure approach for the economy and a stochastic differential equation approximation for the social choice. With this approach we can reproduce some characteristics of the original model like economic inequality, and we are able to link the business cycle oscillations to noise-induced excitation oscillations and coherence resonance.

[1] Yuki M Asano, Jakob J Kolb, Jobst Heitzig, and J Doyne Farmer. Emergent inequality and business cycles in a simple behavioral macroeconomic model. PNAS 118, e2025721118 (2021).