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Complexity Models for Systemic Instabilities and Crises
The purpose of this workshop is to promote a multi-disciplinary collaboration between economists, physicists, mathematicians and computer engineers in order to develop complex systems based approaches aimed at understanding systemic instabilities and financial economic crises. The main topics discussed during the workshop are: complex systems; interacting networks of heteroge-neous boundedly rational agents; behavioral models of economic decision making; theory and laboratory experiments with human subjects; agent-based models of linkages and transmission mechanisms between financial markets and the macro-economy.
About half of the participants is involved in the EU FP7 CRISIS project with the aim to build a detailed agent-based model of the financial-economic crisis. The other half of the participants were external invited speakers, researchers and policy makers. The format of the workshop worked out perfectly for the aim of the meeting. Only a few talks were scheduled per day, and there was a lot of time allocated for discussions. We had group discussions led by a moderator, parallel discussions in smaller groups for the development of joint projects and a panel discussion. Our experience with such an organization of time worked out very well and served the purpose of the workshop and the CRISIS project.
The tangible outcome expected from the workshop is the development of an agent-based model and ICT based policy support tools from complexity modeling. The discussions among the participants and the interaction with computer engineers during the workshop helped to lay out a concrete architecture of an integrated agent-based model of the macro and the financial system.
One important ingredient of the workshop was the interaction with policy makers. Invited participants from policy institutions (e.g., Bank of England, Dutch Central Bank, International Monetary Fund, New York FED, Netherlands Bureau for Economic Policy Analysis) stressed the importance of a new agent-based approach for macroprudential policies and stress testing.
Finally, the interaction with the staff of the Lorentz Center has been very helpful in shaping the program and the organization of the workshop and they have provided excellent assistance during all phases of the workshop.