Computational Economics: Modeling and Complexity
Prof. Marco Valente
University of L’Aquila, Italy
Prof. Michael Roos
Chair of Macroeconomics
June 5 - June 10
During this visit Dr. Marco Valente continued the discussions with the research staff of the chair and started to carry on some of the planned actions. Over five days more than 20 international young researchers, typically graduate students selected from a pool of applicants, joined local colleagues attending an intensive program concerning the use of agent-based simulation models for economists. The course taught attendants the technique for building models, besides the methodology required to derive reliable results. Besides Dr. Marco Valente the course was jointly taught by Dr. T.Ciarli, Research Fellow from Sussex University. The course was highly rated by foreign students, according to the anonymous questionnaire collected at the end of the course, who could successfully interact with colleagues and staff from RUB, thus encouraging its replication in future. Besides the intensive teaching activity, Dr. Valente defined the details of a joint project with Dr. D’Orazio resulting in a first paper already submitted to a prestigious journal, and planned further activities for the future, starting from a visit expected in October.
May 15 - May 19
In this first visit as VIP in Bochum Dr. Marco Valente had several meetings with the members of the chair discussing the respective ongoing projects. The topics share a common perspective, that the currently dominating economic thinking fails to explain the most relevant problems, such as the chronic instability of financial markets and the growing inequality among citizens. As a consequence is the necessity to rebuild the economic theory adopting new analytical tools, spanning new tools, such as experimental economics and agent-based simulation models. In general, it is agreed that a new methodology for economics is required to replace the mathematical formal models that proved practically ineffective despite their formal logical consistency.
Within this framework Dr. Marco Valente attended extensive seminars from doctoral students providing feedbacks to their current activities, besides discussing with the Prof. Roos and Dr. D’Orazio and planning future activities.