Journal of Economic Interaction and Coordination最新文献_第9页

Local environmental quality and heterogeneity in an OLG agent-based model with spatial externalities. 具有空间外部性的OLG agent模型中的局部环境质量和异质性。

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2022-01-01 Epub Date: 2022-02-03 DOI: 10.1007/s11403-022-00346-9

Andrea Caravaggio, Mauro Sodini

{"title":"Local environmental quality and heterogeneity in an OLG agent-based model with spatial externalities.","authors":"Andrea Caravaggio, Mauro Sodini","doi":"10.1007/s11403-022-00346-9","DOIUrl":"https://doi.org/10.1007/s11403-022-00346-9","url":null,"abstract":"Most of the theoretical contributions on the relationship between economy and environment assume the environment as a good distributed homogeneously among agents. The aim of this work is to relax this hypothesis and to consider that the environment can have a local character even if conditioned through externalities by the choices made at the global level. In this article, we adapt the classical framework introduced in John and Pecchenino (Econ J 104(427):1393-1410, 1994) to analyze the dynamic relationship between environment and economic process, and we propose an OLG agent-based model where each agent perceives her own level of environmental quality determined by her own decisions, and by the decisions of those living around her. Despite the attention devoted to local environmental aspects, network externalities (determined through the scheme of Moore neighborhoods) play a fundamental role in defining environmental dynamics and they may induce the emergence of cyclical dynamics. The occurrence of oscillations in the local environmental quality is partially mitigated by the presence of heterogeneity in individuals' preferences. Finally, when a centralized planner is introduced, the dynamics converge to stationary values regardless of the assumption on heterogeneity of agents.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":"17 1","pages":"287-317"},"PeriodicalIF":1.1,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8810287/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"39602083","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

A simulation of the insurance industry: the problem of risk model homogeneity. 保险业模拟:风险模型同质性问题。

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2022-01-01 Epub Date: 2021-03-12 DOI: 10.1007/s11403-021-00319-4

Torsten Heinrich, Juan Sabuco, J Doyne Farmer

{"title":"A simulation of the insurance industry: the problem of risk model homogeneity.","authors":"Torsten Heinrich, Juan Sabuco, J Doyne Farmer","doi":"10.1007/s11403-021-00319-4","DOIUrl":"https://doi.org/10.1007/s11403-021-00319-4","url":null,"abstract":"We develop an agent-based simulation of the catastrophe insurance and reinsurance industry and use it to study the problem of risk model homogeneity. The model simulates the balance sheets of insurance firms, who collect premiums from clients in return for insuring them against intermittent, heavy-tailed risks. Firms manage their capital and pay dividends to their investors and use either reinsurance contracts or cat bonds to hedge their tail risk. The model generates plausible time series of profits and losses and recovers stylized facts, such as the insurance cycle and the emergence of asymmetric firm size distributions. We use the model to investigate the problem of risk model homogeneity. Under the European regulatory framework Solvency II, insurance companies are required to use only certified risk models. This has led to a situation in which only a few firms provide risk models, creating a systemic fragility to the errors in these models. We demonstrate that using too few models increases the risk of nonpayment and default while lowering profits for the industry as a whole. The presence of the reinsurance industry ameliorates the problem but does not remove it. Our results suggest that it would be valuable for regulators to incentivize model diversity. The framework we develop here provides a first step toward a simulation model of the insurance industry, which could be used to test policies and strategies for capital management.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":"17 2","pages":"535-576"},"PeriodicalIF":1.1,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s11403-021-00319-4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"25485323","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

Preying on beauty? The complex social dynamics of overtourism. 以美为食?过度旅游的复杂社会动态。

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2022-01-01 Epub Date: 2021-02-23 DOI: 10.1007/s11403-020-00311-4

Angelo Antoci, Paolo Russu, Pier Luigi Sacco, Giorgio Tavano Blessi

引用次数: 3

Endogenous viral mutations, evolutionary selection, and containment policy design. 内源性病毒突变、进化选择和遏制政策设计。

IF 0.8 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2022-01-01 Epub Date: 2022-01-07 DOI: 10.1007/s11403-021-00344-3

Patrick Mellacher

{"title":"Endogenous viral mutations, evolutionary selection, and containment policy design.","authors":"Patrick Mellacher","doi":"10.1007/s11403-021-00344-3","DOIUrl":"10.1007/s11403-021-00344-3","url":null,"abstract":"How will the novel coronavirus evolve? I study a simple epidemiological model, in which mutations may change the properties of the virus and its associated disease stochastically and antigenic drifts allow new variants to partially evade immunity. I show analytically that variants with higher infectiousness, longer disease duration, and shorter latent period prove to be fitter. \"Smart\" containment policies targeting symptomatic individuals may redirect the evolution of the virus, as they give an edge to variants with a longer incubation period and a higher share of asymptomatic infections. Reduced mortality, on the other hand, does not per se prove to be an evolutionary advantage. I then implement this model as an agent-based simulation model in order to explore its aggregate dynamics. Monte Carlo simulations show that a) containment policy design has an impact on both speed and direction of viral evolution, b) the virus may circulate in the population indefinitely, provided that containment efforts are too relaxed and the propensity of the virus to escape immunity is high enough, and crucially c) that it may not be possible to distinguish between a slowly and a rapidly evolving virus by looking only at short-term epidemiological outcomes. Thus, what looks like a successful mitigation strategy in the short run, may prove to have devastating long-run effects. These results suggest that optimal containment policy must take the propensity of the virus to mutate and escape immunity into account, strengthening the case for genetic and antigenic surveillance even in the early stages of an epidemic.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":"17 3","pages":"801-825"},"PeriodicalIF":0.8,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8739737/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"39812520","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Testing the convergence hypothesis: a longitudinal and cross-sectional analysis of the world trade web through social network and statistical analyses 趋同假说的检验:基于社会网络与统计分析的世界贸易网络纵向与横向分析

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2021-12-26 DOI: 10.1007/s11403-021-00341-6

L. Biggiero, Roberto Urbani

引用次数: 0

Foreword of the Special Issue: Nonlinear Economic Dynamics (2019) 《非线性经济动力学》特刊前言(2019)

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2021-12-25 DOI: 10.1007/s11403-021-00339-0

L. Gardini, D. Radi, F. Tramontana

引用次数: 0

Large and uncertain heterogeneity of expectations: stability of equilibrium from a policy maker standpoint 期望的巨大和不确定异质性:从政策制定者的角度看均衡的稳定性

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2021-11-26 DOI: 10.1007/s11403-021-00335-4

Colucci, Domenico, Del Vigna, Matteo, Valori, Vincenzo

引用次数: 1

The competitions of time-varying and constant loadings in asset pricing models: empirical evidence and agent-based simulations 资产定价模型中时变和恒定负载的竞争：经验证据和基于代理的模拟

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2021-11-24 DOI: 10.1007/s11403-021-00337-2

Hung-Wen Lin, Jing-Bo Huang, Kun-Ben Lin, Shu-Heng Chen

引用次数: 1

A multi-agent description of the influence of higher education on social stratification 高等教育对社会分层影响的多主体描述

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2021-10-15 DOI: 10.1007/s11403-022-00358-5

G. Dimarco, G. Toscani, M. Zanella

引用次数: 2

Bank demand for central bank liquidity and its impact on interbank markets 银行对央行流动性的需求及其对银行间市场的影响

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2021-10-10 DOI: 10.1007/s11403-021-00336-3

Di Xiao, Andreas Krause

引用次数: 1