Journals 2021

Journals 2020

Blueschke D., I. Savin and V. Blueschke-Nikolaeva, An evolutionary approach to passive learning in optimal control problems, Computational Economics, forthcoming link

Castro J., Drews S., Exadaktylos F., Foramitti J., Klein F., Konc T., Savin I. and van den Bergh J., A Review of Agent-based Modelling of Climate-Energy Policy, WIREs Climate Change, forthcoming link

Mundt, Ph., Alfarano, S. Milakovic, M. (2020) Exploiting Ergodicity in Forecasts of Corporate Profitability, Journal of Economic Dynamics and Control, Volume 111 link

Journals 2019

Baumann, Michael, Baumann, Michaela, Erler, A. (2019) Limitations of Stabilizing Effects of Fundamentalists: Facing Positive Feedback Traders, Eonomics E Journal, Nr. 2019-44 link

Canter, U., Savin, I., Vannuccini, S. (2019) Replicator dynamics in value chains: Explaining some puzzles of market selection, Industrial and Corporate Change, forthcoming link

d'Andria, D. (2019), "Tax Policy and Entrepreneurial Entry with Information Asymmetry and Learning," International Tax and Public Finance (forthcoming)

d’Andria D. and I. Savin, A Win-Win-Win? Motivating innovation in a knowledge economy with tax incentives, Technological Forecasting and Social Change link

Dawid, H., van der Hoog, S. (2019) Bubbles, Crashes and the Financial Cycle: Insights from a Stock-Flow Consisten Agent-Based Macroeconomic Model, Macroeconomics Dynamics, 23, 1205-1246. link

Dawid, H., Huberts, N., Huisman, K., Kort, P. (2019) Entry Deterrence by Timing Rather than Overinvestment in a Statistic Real Options Framework, European Journal of Operational Research, 274, 165 - 185 link

Dawid, H., Harting, Ph., van der Hoog, S. (2019) Manager Remuneration, Share Buybacks and Firm Performance', forthcoming in Industrial and Corporate Change

Dawid, H. (2019), Potential, Erfolge und Herausforderungen der Agenten-basierten Modellierung in den Wirtschaftswissenschaften, forthcoming in List Forum (in german)

D'Orazio, P. (2019). Income inequality, consumer debt, and prudential regulation: An agent-based approach to study the emergence of crises and financial instability. Economic Modelling link

Franke, R. and Westerhoff, F. (2019) Different Compositions of Animal Spirits and Their Impact on Macroeconomic Stability. Economic Modelling, Vol. 76, 117-127 link

Konc T. and I. Savin, Social reinforcement with weighted interactions, Physical Review E 100: 022305 link

Martin, C. and Westerhoff, F. (2019) Regulation speculative housing markets via public housing construction programs: Insights from a heterogeneous agent model. Jahrbücher für Nationalökonomie und Statistik (Journal of Economics and Statistics), in press.

Mundt, Ph., Oh, I.(2019) Asymmetric Competition, risk, and return distribution, Economic Letters, volume 179, 29 - 32 link

Schmitt, N. and Westerhoff, F. (2019) Short-run momentum, long-run mean reversion and excess volatility: an elementary housing model. Economics Letters, Vol. 176, 43-46 link

van den Bergh J., I. Savin and S. Drews, Evolution of opinions in the growth-vs-environment debate: Extended replicator dynamics, Futures 109:84-100 link

van den Bergh, J., Drews, S., Savin. I. (2019) Opinion dynamics in the growth-vs-environment debate, Futures, forthcoming link

Journals 2018

Blaurock, I., Schmitt, N. and Westerhoff, F. (2018): Market entry waves and volatility outbursts in stock markets. Journal of Economic Behavior and Organization link

Dawid, H., Harting, P., Neugart, M. (2018) Fiscal transfers and regional economic growth, Review of International Economics 26, 651-671 link

Dawid, H., Harting, P., Neugart, M. (2018) Cohesion Policy and Inequality Dynamics: Insights from a Heterogeneous Atents Macroeconomic Model, Journal of Economic Behaviour and Organization 150, 220-255 link

Dieci, R., Schmitt, N. and Westerhoff, F. (2018) Steady states, stability and bifurcations in multi-asset market models. Decisions in Economics and Finance, Vol. 41, 357-378 link

Dieci, R., Schmitt, N. and Westerhoff, F. (2018) Interactions between stock, bond and housing markets. Journal of Economic Dynamics and Control, Vol. 91, 43-70 link

D’Orazio, P., & Valente, M. (2018). The role of finance in environmental innovation diffusion: an evolutionary modeling approach. Journal of Economic Behavior & Organization link

Korzinov, V., Savin, I. (2018) General Purpose Technologies as an Emergent Property, Technological Forecasting and Social Change 129: 88-104 link

Panchuk, A., Sushko, I. and Westerhoff, F. (2018) A financial market model with two discontinuities: bifurcation structures in the chaotic domain. Chaos, Vol. 28, Article 055908 link

Schmitt, N., Tuinstra, J. and Westerhoff, F. (2018): Stability and welfare effects of profit taxes within an evolutionary market interaction model. Review of International Economics, Vol. 26, 691-708 link

Schmitt, N. and Westerhoff, F. (2018): Evolutionary competition and profit taxes: market stability versus tax burden. Macroeconomic Dynamics, Vol. 22, 2007-2031 link

van der Hoog, S. (2018). The Limits to Credit Growth: Mitigation Policies and Macroprudential Regulations to Foster Macrofinancial Stability and Sustainable Debt. Computational Economics, 52(3), 873-920 link

Westerhoff, F. and Franke, R. (2018): Agent-based models for economic policy design: two illustrative examples. In: Chen, S.-H., Kaboudan, M. and Du, Y.-R. (eds.) The Oxford Handbook of Computational Economics and Finance. Oxford University Press, Oxford, 520-558 link

Journals 2017

Colombo, L., Dawid, H., Piva, M., Vivarelli, M. (2017) Does Easy Start-Up Formation Hamper Incumbents R&D Investment? Small Business Economics 49(3): 513-531 link

Dawid, H., Harting, P., Neugart, M., van der Hoog, S. (2017) A Heterogeneous Agent Macroeconomic Model for Policy Evaluation: Improving Transparency and Reproducibility, Journal of Evolutionary Economics link

Dawid, H., Zou, B. (2017) 'Foreign Direct Investment with Endogeneous Technology Choice' Pacific Economic Review link

Dawid, H., Decker, R., Herrmann, T., Jahnke, H., Klat, W., König, R., Stummer, C. (2017) 'Management Science in the Era of Smart Consumer Products: Challenges and Research Perspectives' Central European Journal of Operations Research 25(1): 203-230 link

D'Orazio, P. (2017) Big Date and Complexity: Is Macroeconomics Heading Toward a New Paradigm? Journal of Economic Methodology link

Franke, R. and Westerhoff, F. (2017): Taking stock: a rigorous modelling of animal spirits in macroeconomics. Journal of Economic Surveys, Vol. 31, 1152-1182 link

Flaschel, P., Charpe, M., Galanis, G., Proano, C.R., Veneziani, R. (2017), Macroeconomic and Stock Market Interactions with Endogenous Aggregate Sentiment Dynamics, Journal of Economicc Dynamics and Control (forthcoming) link

Herrmann J.K. and I. Savin, Optimal Policy Identification: Insights from the German Electricity Market, Technological Forecasting and Social Change (forthcoming) link

Kato, M., Proaño, C. R., Semmler, W. (2017) Does International Reserves Targeting Decrease the Vulnerability to Capital Flights? Research in International Business and Finance link

Menden, C. & C.R. Proaño (2017) Dissecting the Financial Cycle with Dynamic Factor Models. Quantitative Finance link

Proaño, C. R. (2017), Detecting and Predicting Economic Accelerations, Recessions, and Normal Growth Periods in Real-Time. Journal of Forecasting, 36(1), 26-42 link

Schmitt, N., Tuinstra, J., and Westerhoff, F. (2017) Stability and Welfare Effects of Profit Taxes within an Evolutuionary Market Interaction Model, Review of International Economics (in press) link

Schmitt, N., Tuinstra, J. and Westerhoff, F. (2017) Market interactions, endogenous dynamics and stabilization policies. In: Commendatore, P., Kubin, I., Bougheas, S., Kirman, A., Kopel, M., and Bischi, G.I (eds.) The Economy as a Complex Spatial System. Springer, Berlin, 137-152. link

Schmitt, N., Tuinstra, J. and Westerhoff, F. (2017): Side effects of nonlinear profit taxes in a behavioral market entry model: abrupt changes, coexisting attractors and hysteresis problems. Journal of Economic Behavior and Organization, Vol. 135, 15-38. link

Schmitt, N. and Westerhoff, F. (2017): On the bimodality of the distribution of the S&P 500's distortion: empirical evidence and theoretical explanations. Journal of Economic Dynamics and Control, Vol. 80, 34-53 link

Schmitt, N. and Westerhoff, F. (2017): Herding behaviour and volatility clustering in financial markets. Quantitative Finance, Vol. 17, 1187-1203 link

Strohsal, Proano, C.R., Wolters, J. (2017) Assessing the Cross-Country Interaction of Financial Cycles: Evidence from a Multivariate Spectral Analysis of the US and the UK. Empirical Economics, forthcoming. link

Journals 2016

Akyol, M.(2016) Do educational vouchers reduce inequality and inefficiency in education?, Economics of Education Review, 55, 149-167 link

Bask, M. & C. R. Proaño (2016), Optimal Monetary Policy under Learning and Structural Uncertainty in a New Keynesian Model with a Cost Channel and Inflation Inertia. Journal of Economic Dynamics and Control 69, 112-126, Aug. link

Colombo, L. u. Dawid, H. (2016) 'Complementary Assets, Start-Ups and Incentives to Innovate', International Journal of Industrial Organization 44, 177-190 link

Dawid, H., Decker, R., Hermann, T., Jahnke, H., Klat W., König, R., Stummer C. (2016) 'Management Science in the Era of Smart Consumer Products: Challenges and Research Perspectives', Central European Journal of Operations Research (accepted) link

Dieci, R. and Westerhoff, F. (2016): Heterogeneous expectations, boom-bust housing cycles, and supply conditions: a nonlinear dynamics approach. Journal of Economic Dynamics and Control, Vol. 71, 21-44 link

Franke, R. and Westerhoff, F. (2016): Why a simple herding model may generate the stylized facts of daily returns: explanation and estimation. Journal of Economic Interaction and Coordination, Vol. 11, 1-34 link

Mandes, A. and Winker, P. (2016) 'Complexity and model comparison in agent based modeling of financial markets', Journal of Economic Interaction and Coordination. DOI 10.1007/s11403-016-0173-0 link

Mundt, P., Milakovic, M. and Alfarano, S. (2016): Gibrat’s Law Redux - Think Profitability Instead of Growth, Industrial and Corporate Change 25(4): 549-571 link

Savin, I., Egbetokun, A., Emergence of innovation networks from R&D cooperation with endogenous absorptive capacity, Journal of Economic Dynamics and Control, 64, p. 82 - 103 link

Schmitt, N. and Westerhoff, F. (2016): Evolutionary competition and profit taxes: market stability versus tax burden. Macroeconomic Dynamics (in press) link

Schmitt, N. and Westerhoff, F. (2016): Stock market participation and endogenous boom-bust dynamics. Economics Letters, Vol. 148, 72-75 link

Tramontana, F. and Westerhoff, F. (2016): Piecewise-linear maps and their application to financial markets. Frontiers in Applied Mathematics and Statistics, Vo. 2, Article 10. link

Journals 2015

Akyol, M., Neugart, M., and Pichler, S. (2015) 'A tradable employment quota' Labour Economics, 36, 48-63 link

Charpe, M., Flaschel, P., Krolzig, H.-M. Proaño, C. R., Semmler, W. & D. Tavani (2015), Credit-Driven Investment, Labor Market Heterogeneity and Macroeconomic Dynamics, Journal of Economic Interaction and Coordination, 10(1), 163-181 link

Dawid, H. and Muehlheusser, G. (2015) 'Repeated Selection with Heterogenous Individuals and Relative Age Effects', Journal of Economic Behavior and Organization, 116, 387-406. link

Dawid, H., Keoula, M., Kopel, M., and Kort, P.M. (2015) 'Product Innovation Incentives by an Incumbent Firm: A Dynamic Analysis', Journal of Economic Behavior and Organization, 117, 411-438.link

Fischer, Th. Market Structure and Rating Strategies in Credit Rating Markets – A Dynamic Model with Matching of Heterogeneous Bond Issuers and Rating Agencies, Journal of Banking and Finance, 58(0), p. 39-56 link

Flaschel, P., Hartmann, F., Malikane, C. & C.R. Proaño (2015), A Behavioral Macroeconomic Model of Exchange Rate Fluctuations with Complex Market Expectations Formation. Computational Economics, 45(4), 669-691, Apr. link

Fricke, D. and Lux, Th. (2015) Core-Periphery Structure in the Overnight Money Market: Evidence from the e-MID Trading Platform, Computational Economics 45, 2015, 359-395 link

Livan, G., Alfarano, S., Milakovic, M. and Scalas, E. (2015): A spectral perspective on excess volatility, Applied Economics Letters 22(9) link

Lux, Th. (2015) Emerge of a Core-Periphery Structure in a Simple Dynamic Model of the Interbank Market, Journal of Economic Dynamics and Control 52, 2015, A11-A23 link

Mandes, A.(2015) Microstructure-based order placement in a continuous double auction agent based model, Algorithmic Finance 4:3-4, 105–125. DOI: 10.3233/AF-150049 link

Schmitt, N. and Westerhoff, F. (2015): Managing rational routes to randomness. Journal of Economic Behavior and Organization, Vol. 116, 157-173 link

Sushko, I., Tramontana, F., Westerhoff, F. and Avrutin, V. (2015): Symmetry breaking in a bull and bear financial market model. Chaos, Solitons and Fractals, Vol. 70, 57-72 link

Tramontana, F., Westerhoff, F. and Gardini, L. (2015): A simple financial market model with chartists and fundamentalists: market entry levels and discountinuities. Mathematics and Computers in Simulation, Vol. 108, 16-40. link

Journals 2014

Colombo, L. and Dawid, H. (2014), 'Strategic Location Choice Under Dynamic Oligopolistic Competition and Spillovers', Journal of Economic Dynamics and Control, 48, 288–307. link

Dawid, H. and Gemkow, S. (2014), 'How do social networks contribute to wage inequality? Insights from an agent-based analysis', Industrial and Corporate Change, 23,1171-1200. link

Dawid, H., Harting, P., and Neugart, M. (2014): Economic convergence: Policy implications from a heterogeneous agent model, Journal of Economic Dynamics & Control, 44, 54-80 link

Dawid, H. and Heitmann, D. (2014), 'Best Response Dynamics with Level-n Expectations in Two-Stage Games', Journal of Economic Dynamics and Control, 41, 130-153. link

Dawid, H. and Hellmann, T. (2014), 'The Evolution of R&D Networks', Journal of Economic Behavior and Organization, 105, 158-172. link

Fischer, T. and Riedler, J. (2014): Prices, debt and market structure in an agent-based model of the financial market, Journal of Economic Dynamics and Control, 48, 95-120 link

Franke, R. and Westerhoff, F. (2014): Why a simple herding model may generate the stylized facts of daily returns: explanation and estimation. Journal of Economic Interaction and Coordination, 11, issue 1, 1 - 34 link

Holcombe, M., Coakley, S., Kiran, M., Chin, S., Greenough, C., Worth, D., Cincotti, S., Raberto, M., Teglio, A., Deissenberg, C., van der Hoog, S., Dawid, H., Gemkow, S., Harting, P. and Neugart, M. (2013): Large-Scale Modeling of Economic Systems, Complex Systems, 22, 175-191 link

Liu, R., Lux, Th. (2014): Non-Homogeneous Volatility Correlations in the Bivariate Multifractal Model link

Lux, Th., Morales-Arias, L. and Sattarhoff, C. (2014) Forecasting Daily Variations of Stock Index Returns with a Multifractal Model of Realized Volatility, Journal of Forecasting 7, 2014, 532-541 link

Mundt, P., Förster, N., Alfarano, S., Milakovic, M. (2014): The real versus the financial economy: a global tale of stability versus volatility, E-conomics: The Open-Access, Open-Assessment E-Journal, 8(2014-17) link

Proaño, C. R., Schoder, C.& W. Semmler (2014), Financial Stress, Sovereign Debt and Economic Activity in Industrialized Countries: Evidence from Dynamic Threshold Regressions. Journal of International Money and Finance 45, 17-37 link

Proaño, C. R. & T. Theobald (2014), Predicting German Recessions with a Composite Real-Time Dynamic Probit Indicator. International Journal of Forecasting 30, 898-917 link

Schmitt, N. and Westerhoff, F. (2014): Speculative behavior and the dynamics of interacting stock markets. Journal of Economic Dynamics and Control, Vol. 45, 262-288 link

Tramontana, F., Westerhoff, F. and Gardini, L. (2014): A simple financial market model with chartists and fundamentalists: market entry levels and discontinuities. Mathematics and Computers in Simulation, in press link

Tramontana, F., Westerhoff, F. and Gardini, L. (2014): One-dimensional maps with two discontinuity points and three linear branches: mathematical lessons for understanding the dynamics of financial markets. Decisions in Economics and Finance, Vol. 37, 27-51 link

Journals 2013

Alfarano, S., Milakovic, M., Raddant, M. (2013): A note on institutional hierarchy and volatility in financial markets, The European Journal of Finance, 19(6), pp. 449-465 link

Dawid, H., Kopel, M and Kort, P.M. (2013), 'R&D Competition versus R&D Cooperation in Oligoplistic Markets with Evolving Structure', International Journal of Industrial Organization, 31, 527-537. link

Dieci, R. and Westerhoff, F. (2013): On the inherent instability of international financial markets: natural nonlinear interactions between stock and foreign exchange markets. Applied Mathematics and Computation, Vol. 221, 306-328 link

Fischer, T. (2012): News Reaction in Financial Markets within a Behavioral Finance Model with Heterogeneous Agents, Algorithmic Finance 1(2), 123-139 link

Lux, Th. and Morales-Arias, L. (2013) Relative Forecasting Performance of Volatility Models: Monte Carlo Evidence, Quantitative Finance 13, 2013, 1375-1394 link

Milakovic, M., Alfarano, S. and Lux, T. (2013): The small core of the German corporate board network: new evidence from 2010, Complexity Economics, 2(1), pp. 7-21, 2013 link

Proaño, C. R. (2013), Monetary Policy Rules and Macroeconomic Stabilization in Small Open Economies under Behavioral FX Trading: Insights from Numerical Simulations. The Manchester School 81(6), 992-1011, Dec. link

Schoder, C., Proaño, C. R. & W. Semmler (2013), Are the current account imbalances in EMU countries sustainable? Evidence from parametric and non-parametric tests. Journal of Applied Econometrics 28(7), 1179-1204, Nov.-Dec. link

Tramontana, F., Westerhoff, F. and Gardini, L. (2013): The bull and bear market model of Huang and Day: Some extensions and new results. Journal of Economic Dynamics and Control, Vol. 37, 2351-2370 link

Book Chapters 2018

Dawid, H. and D. Delli Gatti (2018), Agent-based Macroeconomics, in Hommes, C. and Lebaron, B. (Eds.) Handbook of Computational Economics, Vol. 4 - Heterogeneous Agent Models, Elsevier, Amsterdam, pp. 63-156 link

Dawid, H., Gemkow, S., Harting, P., von der Hoog, S., Neugart, M. (2018) Agent-based Macroeconomic Modeling and POlicy Analyses: The Eurace@unibi Model, in: The Oxford Handbook of Computational Economics and Finance, edited by Shu-Heng Chen, Mak Kaboudan, and Ye-Rong Du; Oxford University Press, Capter 17, 490-512 link

Dawid, H., Hartl, R.F. and P.M. Kort (2018), 'Dynamic Models of the Firm with Green Energy and Goodwill', in Feichtinger, G., Kovacevic, R. and G. Tragler (Eds.), Control Systems and Mathematical Methods in Economics: Essays in Honor of Vladimir M. Veliov, Springer Lecture Notes in Economics and Mathematical Systems, pp. 279-296 link

Neugart, M. and Richiardi, M. (2018) Agent-based Models of the Labor Market, in: The Oxford Handbook of Computatioal Economics and Finance, edited by Shu-Heng Chen, Mak Kaboudan and Ye-Rong Du, Oxford University Press, Chapter 22, 667-687 link

Book Chapters 2017

Colombo, L. and H. Dawid (2017), A Dynamic Model of Firms Strategic Location Choice, in Commendatore, P., Kubin, I., Bougeas, S., Kirman, A., Kopel, M. and G.I. Bischi (Eds), The Economy as a Complex Spatial System: Macro, Meso and Micro Perspectives, Springer Proceedings in Complexity, pp. 159-177 link

Book Chapters 2016

Dawid, H.; Hartin, P., vander Hoog, S., Neugart, M.(2016) Public Policy from the Bottom Up Using Agent-Based Modeling: Ehe Eurace@Unibi Model, in: J. Arpe (Hrsg.), To the Man with a Hammer ... Bertelsmann Strifung, Gütersloh, 92-95