Long-term Macroeconomic Dynamics of Competition in the Russian Economy using Agent-based Modelling

Authored by Mariam Kiran, Tatyana Eftonova, Mike Stannett

Date Published: 2017

DOI: 10.4018/ijsda.2017010101

Sponsors: No sponsors listed

Platforms: FLAME

Model Documentation: Other Narrative Flow charts Pseudocode

Model Code URLs: Model code not found

Abstract

Agent-based economic modelling techniques are increasingly being used to complement standard economic simulations. This paper re-models a standard equation-based simulation model of the Russian macroeconomy in an agent-based setup, and uses it to investigate the effect that antimonopoly legislation can be expected to have upon long-term dynamic behaviour. The results reveal various potential outcomes which would have not been visible using traditional equation-based modelling techniques. While the number of economic agents has been kept deliberately small in the work presented here, the modelling approach is scalable to systems incorporating many millions of agents.

Tags

Agent-based modelling diffusion Regulation Dynamic effects Macro-economic modelling