Agent-Based Model Approach to Complex Phenomena in Real Economy

DOI10.1143/PTPS.179.123MaRDI QIDQ5325421zbMATH OpenFDO

Authors Hiroshi Iyetomi, Yoshi Fujiwara, Yuichi Ikeda, Wataru Souma, Hideaki Aoyama

Publication date 10 August 2009

Published in Progress of Theoretical Physics Supplement (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/0901.1794

Mathematics Subject Classification ID

Heterogeneous agent models (91B69) Applications of statistical and quantum mechanics to economics (econophysics) (91B80)

Abstract: An agent-based model for firms' dynamics is developed. The model consists of firm agents with identical characteristic parameters and a bank agent. Dynamics of those agents is described by their balance sheets. Each firm tries to maximize its expected profit with possible risks in market. Infinite growth of a firm directed by the "profit maximization" principle is suppressed by a concept of "going concern". Possibility of bankruptcy of firms is also introduced by incorporating a retardation effect of information on firms' decision. The firms, mutually interacting through the monopolistic bank, become heterogeneous in the course of temporal evolution. Statistical properties of firms' dynamics obtained by simulations based on the model are discussed in light of observations in the real economy.

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