Content

Macroeconomic outcomes result from the interaction of millions of heterogeneous individual and firms. At the same time, the individual behavior at the microeconomic level is influenced and constrained by emergent structures at the macro level such as habits or social norms.

Modeling these interactions between many heterogeneous agents and the interaction between different levels of the economy is very challenging with mathematical equilibrium models. The new field of emergent macroeconomics uses agent-based modeling as a modern computer simulation approach to macroeconomics.

The lecture provides background information on this approach, presents current research and introduces students to economic modeling with agents. In the lab sessions, students learn how to program in an agent-based modeling software and how to analyze the implemented models. In the seminar, students will present their ideas for their own model, show the progress of their work, and receive feedback from their peers and the instructors. They will also present their final results in the seminar.

Students will work in groups of three to develop, implement and analyze their models. Because simulation work is usually done in teams of specialists. Teamwork is a key social skill that will be developed in this module.

Language of Instruction: English

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