Journal of Economic Interaction and Coordination最新文献_第3页

Innovative search and imitation heuristics: an agent-based simulation study 创新搜索和模仿启发法：基于代理的模拟研究

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-03-11 DOI: 10.1007/s11403-024-00406-2

Vittorio Guida, Luigi Mittone, Azzurra Morreale

{"title":"Innovative search and imitation heuristics: an agent-based simulation study","authors":"Vittorio Guida, Luigi Mittone, Azzurra Morreale","doi":"10.1007/s11403-024-00406-2","DOIUrl":"https://doi.org/10.1007/s11403-024-00406-2","url":null,"abstract":"Prominent research in strategic imitation, exploration, exploitation, and organizational learning identifies imitation as a less costly alternative to experimentation. Yet, its role in the exploration–exploitation dilemma remains underexplored in the literature. This study employs an agent-based model to examine how two distinct agent types—those who imitate and those who experiment—interact and influence each other. The model incorporates the concept of “satisficing” derived from the behavioral theory of the firm, along with insights from research on imitative heuristics. The findings reveal that overcrowding affects both agent types negatively. Imitators suffer from diminished performance due to intensified competition, which increases as more imitators join the system. Meanwhile, explorers are hindered in their attempts at radical innovation due to the presence of other explorers and clusters of imitators. This paper contributes to the field as the first to model individual agents as ‘satisficers’ within a competitive exploration–exploitation framework. By incorporating imitation, it provides novel insights into the dynamics of organizational learning and strategic decision-making.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2024-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140098253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The relationship between housing finance and inequality 住房融资与不平等之间的关系

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-03-05 DOI: 10.1007/s11403-024-00405-3

Tae-Sub Yun, Hee-Sun Bae, Il-Chul Moon, Deokjong Jeong

{"title":"The relationship between housing finance and inequality","authors":"Tae-Sub Yun, Hee-Sun Bae, Il-Chul Moon, Deokjong Jeong","doi":"10.1007/s11403-024-00405-3","DOIUrl":"https://doi.org/10.1007/s11403-024-00405-3","url":null,"abstract":"This study analyzes the Korean housing market using an agent-based simulation from financial and societal perspectives. We initialize heterogeneous household agents using microlevel household survey data from Korea, and we model housing decisions and interactions through a simulated market. First, we validate and calibrate the model to reproduce real-world observations and several stylized facts about the Korean housing market. Then, we conduct a policy experiment to determine the impact of changes in the quantity and cost of housing finance on households’ living conditions and wealth inequality. As proxies for the quantity of housing finance, we adopt the loan-to-value and debt-to-income regulation ratios, classified as macroprudential policy, which are the leverage measures used by the Korean government. The interest rate, one of the levers of monetary policy, is also used as a proxy for housing finance costs. The results of the policy experiment confirm that the quantitative expansion of housing finance provides more benefits to high-income households, thereby worsening wealth inequality. In addition, we find that an increase in housing finance costs lowers the incentive to speculate on housing, but this speculation does not improve the housing status of middle-income households. Finally, we demonstrate that macroprudential policies mitigate the exacerbation of wealth inequality in a relaxed monetary policy state.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140044064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Storable votes with a “pay as you win” mechanism 采用 "边赢边付 "机制的可储存选票

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-02-28 DOI: 10.1007/s11403-024-00407-1

Arturo Macías

引用次数: 0

A two-sided sales promotions modeling based on agent-based simulation 基于代理模拟的双面促销建模

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-02-21 DOI: 10.1007/s11403-024-00404-4

{"title":"A two-sided sales promotions modeling based on agent-based simulation","authors":"","doi":"10.1007/s11403-024-00404-4","DOIUrl":"https://doi.org/10.1007/s11403-024-00404-4","url":null,"abstract":"<h3>Abstract</h3> The growing competition in the retail market pushes retailers to optimize their sales and marketing strategies. In particular, in sectors where the profit margins are more restricted and customer loyalty depends heavily on the prices offered, in fact, understanding consumer reactions to sales promotions and providing them with the right deal at the right time is critical for retailers to survive. In this study, we propose an agent-based model that uses the Belief Desire Intention (BDI) concept to model how customers react to the various promotional offers they receive, and our study involves a seller agent that dynamically learns the appropriate promotion to give these customers on a customer-specific basis. Using empirical research findings in the literature, we developed the BDI part of the model based on the “Big Five-Factor Model”. Apart from this, we used the Q-learning algorithm to train the seller agent. Furthermore, one of our goals in this study is to show that learning-based decision-making agents can be more competitive on the market than rule-based decision-making agents. We therefore added a rule-based agent to the model and compared its efficacy to that of the learning-based decision-making agent. The model was tested in an artificial market through a series of experiments. The experiment results show that the proposed model can be used in actual applications to automate sales promotion decisions.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2024-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139920453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Innovative behavior and interactions in municipal innovation ecosystems 市政创新生态系统中的创新行为与互动

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-02-09 DOI: 10.1007/s11403-023-00402-y

Misty Sabol

引用次数: 0

Modelling organisational resilience of public sector organisations to navigate complexity: empirical insights from Lithuania 公共部门组织适应复杂性的建模：立陶宛的经验启示

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-01-30 DOI: 10.1007/s11403-023-00403-x

Mindaugas Butkus, Giovanni Schiuma, Ilona Bartuseviciene, Lina Volodzkiene, Ona Grazina Rakauskiene, Laura Dargenyte-Kacileviciene

{"title":"Modelling organisational resilience of public sector organisations to navigate complexity: empirical insights from Lithuania","authors":"Mindaugas Butkus, Giovanni Schiuma, Ilona Bartuseviciene, Lina Volodzkiene, Ona Grazina Rakauskiene, Laura Dargenyte-Kacileviciene","doi":"10.1007/s11403-023-00403-x","DOIUrl":"https://doi.org/10.1007/s11403-023-00403-x","url":null,"abstract":"Public sector organisations are increasingly tasked to adapt and evolve, dealing with shocks and disturbances without compromising their role as wealth generators. However, as complex adaptive systems, they do not manifest equal capacity for adaptation and evolution in response to complexity. This article explores the role of resilience in public sector organisations and sheds light on the interactions between different elements of resilience that enable these organisations to navigate complexity. The study combines a systematic literature review and a quantitative empirical investigation to propose and test a framework of organisational resilience in the public sector. It identifies planning, adaptation, and enhanced learning as critical phases to explain organisational resilience and how they intervene dynamically when dealing with adversity. The empirical investigation analyses the Lithuanian public sector organisations and explains the relationships among the model dimensions. The paper offers a model for theory development to understand the dimensions of the resilience of complex adaptive public sector organisations and how they interrelate with each other. For practice, it suggests which aspects are relevant to help public sector organisations develop their capacity to build resilience and overcome adversity.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2024-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139578307","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Credit diversification and banking systemic risk 信贷多样化与银行系统性风险

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-01-26 DOI: 10.1007/s11403-023-00401-z

Chao Wang, Boyi Chen, Xiaoxing Liu

引用次数: 0

A configurative analysis investigating how new technology-based firms gain the first financing round 新技术型企业如何获得首轮融资的配置分析

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-01-11 DOI: 10.1007/s11403-023-00398-5

Carmine Passavanti, Simonetta Primario, Pierluigi Rippa

引用次数: 0

The effects of a green monetary policy on firms financing cost 绿色货币政策对企业融资成本的影响

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-01-10 DOI: 10.1007/s11403-023-00400-0

引用次数: 0

When firms buy corporate bonds: an agent-based approach to credit within firms 企业何时购买公司债券：基于代理的企业内部信贷方法

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-01-04 DOI: 10.1007/s11403-023-00399-4

Jlenia Di Noia

{"title":"When firms buy corporate bonds: an agent-based approach to credit within firms","authors":"Jlenia Di Noia","doi":"10.1007/s11403-023-00399-4","DOIUrl":"https://doi.org/10.1007/s11403-023-00399-4","url":null,"abstract":"Recent trends in the market for corporate bonds -such as its increase in size, the significant presence of low-quality debt instruments and the trading activity of non-financial corporations- call for the need of an investigation of the possible implications on the real economy. Although the phenomenon is still minor, the present paper aims at giving some early insights concerning the introduction of a corporate bond market, where also nonfinancial firms can invest. To do so, we build on an existing macroeconomic agent-based model of the CATS tradition and we introduce the possibility for firms to raise money through an alternative credit channel, i.e., the corporate bond market- and the opportunity for households and firms to invest part of their financial wealth into a portfolio of Government bonds and corporate bonds. Experiments based on single runs or on 100 Monte Carlo simulations suggest that the introduction of a bond market may exacerbate existing crisis and recessions and that when firms buy bonds, inequality may escalate. To the best of our knowledge, this paper constitutes one of the first attempts to incorporate a corporate bond market into a macro ABM.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2024-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139376559","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0