What I cannot create, I do not understand.|
Richard Feynman (1988)
Jamel (Java Agent-based Macro-Economic Laboratory) is an open source agent-based
framework dedicated to the modeling, the simulation and the analysis of complex monetary
economies. It is developped by Dr. P. Seppecher (CEPN, University of Paris 13, France) and Dr. I. Salle (Utrecht University, School of Economics, The Netherlands).
The latest version of Jamel (20160509) is available as a downloadable application.
It contains the companion baseline simulation of the paper "Is the market really a good teacher? Market selection, collective adaptation and financial instability" (2016).
Fourth workshop MACME
(Modeling and Analysis of Complex Monetary Economies)
Friday, november 24, 2017
Maison des sciences de l'Homme de Paris Nord
The axis "Dynamics of capitalism and Post-Keynesian analyses" of the CEPN organises the first multidisciplinary workshop on Complex Systems - Friday, June 2nd, 2017 - Université Paris 13, Campus de Villetaneuse, amphi B (Institut Galilée).
Forthcoming in Industrial and Corporate Change, pre-print version available on <RePEc> :
What drives markups?
Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model
Pascal Seppecher, Isabelle Salle, Marc Lavoie
Tuesday 31st January, 2017
This paper studies coordination between firms in a multi-sectoral macroeconomic
model with endogenous business cycles. Firms are both in competition
and interdependent, and set their prices with a markup over unit costs.
Markups are heterogeneous and evolve under market pressure. We observe a
systematic coordination within firms in each sector, and between each sector.
The resulting pattern of relative prices are consistent with the labor theory of
value. Those emerging features are robust to technology shocks.
Keywords: General interdependence, Pricing, Agent-based modeling, Learning.
JEL classification codes: C63, D46, E12, L11, L16.
Slides (AFEP 2017)
The task group International Macroeconomics and Post-Keynesian Analyses of the CEPN is happy to announce the third workshop:
Modeling and Analysis of Complex Monetary Economies
THURSDAY, DECEMBER 8, 2016
UNIVERSITÉ PARIS 13 - CAMPUS DE VILLETANEUSE
AMPHI A (INSTITUT GALILÉE)
"Must-Read" on Brad DeLong's blog, forthcoming in the Journal of Evolutionary Economics, pre-print version available on <RePEc> :
Is the market really a good teacher?
Market selection, collective adaptation
and financial instability
Pascal Seppecher, Isabelle Salle, Dany Lang
28th April 2016
This paper proposes to model market mechanisms as a collective
learning process for firms in a complex adaptive system, namely
Jamel, an agent-based, stock-flow consistent macroeconomic
model. Inspired by Alchian's (1950) "blanketing shotgun process"
idea, our learning model is an ever-adapting process that puts a
significant weight on exploration vis-à-vis exploitation.
We show that decentralized market selection allows firms to
collectively adapt their overall debt strategies to the changes in
the macroeconomic environment so that the system sustains itself,
but at the cost of recurrent deep downturns.
We conclude that, in complex evolving economies, market processes do
not lead to the selection of optimal behaviors, as the
characterization of successful behaviors itself constantly evolves
as a result of the market conditions that these behaviors contribute
to shape. Heterogeneity in behavior remains essential to adaptation
in such an ever-changing environment. We come to an evolutionary
characterization of a crisis, as the point where the evolution of
the macroeconomic system becomes faster than the adaptation
capabilities of the agents that populate it, and the so far selected
performing behaviors suddenly cease to be, and become instead
Keywords: Evolutionary economics, Learning, Firms' adaptation, Business cycles.
JEL classification codes: B52, C63, D83, E32.
Last updated: 2017-10-20