Economy

The Economics program uses economic theory and modeling to study issues arising in the industrial, financial, innovation, and business sectors at the national and international levels, with a focus on quantitative methods for microeconomic, macroeconomic, and policy effectiveness analysis. Research is conducted at multiple levels of analysis, including households, firms, sectors, banks, countries, policymakers, and regulatory bodies. Special attention is paid to the fundamentals of policy design and coordination, economic decisions, and managerial processes. Theories and models are empirically grounded and tested using a variety of methodologies. Quantitative methods are used to test theories and develop models for the study of economic systems, with a focus on agent-based computational models and computational experiments on artificial economies. The goal is to determine the regularities and emergent properties of economic systems and assess the impact of economic policy and regulatory measures as a result of the behaviors and interactions of heterogeneous, rational, and bounded economic agents. This topic has also been explored in two European projects and several national research projects. In this context, a large-scale agent-based macroeconomic simulator (www.eurace.org) has been developed, establishing an international benchmark. The simulator is used as a computational laboratory for conducting what-if analyses and computational experiments for the design and validation of economic policies. Specifically, the Eurace simulator has been used to study the relationship between financial markets, the credit market, and the business cycle, and to design fiscal and monetary economic policies.

Laboratories involved
Management Engineering – DOGE (RADRL Head: Prof. Silvano Cincotti)

Representative publications

  • Nieddu, M., Raberto, M., Ponta, L., Teglio, A., & Cincotti, S. (2024). Evaluating policy mix strategies for the energy transition using an agent-based macroeconomic model. Energy Policy, 193, 114276.
  • Bertani, F., Ponta, L., Raberto, M., Teglio, A., & Cincotti, S. (2021). The complexity of the intangible digital economy: an agent-based model. Journal of business research, 129, 527-540.
  • Teglio, A., Mazzocchetti, A., Ponta, L., Raberto, M., Cincotti, S., 2019 Budgetary rigour with stimulus in lean times: Policy advices from an agent-based model. Journal of Economic Behavior and Organization,157, pp. 59-83
  • Ponta, L., Raberto, M., Teglio, A., & Cincotti, S. (2018). An agent-based stock-flow consistent model of the sustainable transition in the energy sector. Ecological economics, 145, 274-300.
  • Cincotti S., Raberto M., Teglio A. Macroprudential policies in an agent-based artificial economy. 2012 Revue de l'OFCE 124(5), pp. 205-234
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