Sander van der Hoog

Sander van der Hoog
Bielefeld University · Business Administration and Economics

About

34
Publications
14,061
Reads
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740
Citations
Citations since 2016
11 Research Items
561 Citations
2016201720182019202020212022020406080
2016201720182019202020212022020406080
2016201720182019202020212022020406080
2016201720182019202020212022020406080
Additional affiliations
August 2019 - present
Lucidminds.ai
Position
  • Head of Department
Description
  • www.lucidminds.ai
May 2018 - present
SimScience
Position
  • Founder
Description
  • SimScience is a data science consultancy that also does agent-based modelling and simulation.
October 2009 - April 2018
Bielefeld University
Position
  • Professor (Assistant)

Publications

Publications (34)
Article
This paper explores how different credit market-and banking regulations affect business fluctuations. Capital adequacy-and reserve requirements are analysed for their effect on the risk of severe downturns. We develop an agent-based macroeconomic model in which financial contagion is transmitted through balance sheets in an endogenous firm-bank net...
Conference Paper
Full-text available
We study an economy with a high degree of financialization in which (non-financial) firms need loans from commercial banks to finance production, service debt, and make long-term investments. Along the business cycle, the economy follows Minskyan dynamics with firms traversing various stages of financial fragility, i.e. hedge, speculative and Ponzi...
Article
Using a dynamic heterogeneous agent industry model, we examine the impact of manager remuneration schemes on firms’ investment decisions and on the evolution of their competitiveness and share values. Whereas an increase in the share-based manager remuneration component is always beneficial to the manager, it is beneficial for shareholders only if...
Article
Full-text available
This paper provides a detailed description of the Eurace@Unibi model, which has been developed as a versatile tool for macroeconomic analysis and policy experiments. The model explicitly incorporates the decentralized interaction of heterogeneous agents across different sectors and regions. The modeling of individual behavior is based on heuristics...
Article
A very timely issue for economic agent-based models (ABMs) is their empirical estimation. This paper describes a line of research that could resolve the issue by using machine learning techniques, using multi-layer artificial neural networks (ANNs), or so called Deep Nets. The seminal contribution by Hinton et al. (Neural Comput 18(7):1527–1554, 20...
Chapter
This chapter introduces the Eurace@Unibi model, one of the agent-based simulation models that are relatively new additions to the toolbox of macroeconomists, and the research that has been done within this framework. It shows how an agent-based model can be used to identify economic mechanisms and how it can be applied to spatial policy analysis. T...
Article
Full-text available
This paper explores how different credit market and banking regulations affect business fluctuations. Capital adequacy- and reserve requirements are analyzed for their effect on the risk of severe downturns. We develop an agent-based macroeconomic model in which financial contagion is transmitted through balance sheets in an endogenous firm-bank ne...
Article
Full-text available
In this paper we study an economy with a high degree of financialization in which (non-financial) firms need loans from commercial banks to finance production, service debt, and make long-term investments. Along the business cycle, the economy follows a Minsky base cycle with firms traversing through the various stages of financial fragility, i.e....
Article
Full-text available
A very timely issue for economic agent-based models (ABMs) is their empirical estimation. This paper describes a line of research that could resolve the issue by using machine learning techniques, using multi-layer artificial neural networks (ANNs), or so called Deep Nets. The seminal contribution by Hinton et al. (2006) introduced a fast and effic...
Working Paper
A very timely issue for economic agent-based models (ABMs) is their empirical estimation. This paper describes a line of research that could resolve the issue by using machine learning techniques, using multi-layer artificial neural networks (ANNs), or so called Deep Nets. The seminal contribution by Hinton et. al. (2006) introduced a fast and effi...
Article
Full-text available
We study an economy with a high degree of financialization in which (non-financial) firms need loans from commercial banks to finance production, service debt, and make long-term investments. Along the business cycle, the economy follows Minskyan dynamics with firms traversing various stages of financial fragility, i.e. hedge, speculative and Ponzi...
Conference Paper
Full-text available
This paper presents the ETACE Virtual Appliance, or EVA. The purpose of the software package is, among others, to provide researchers the possibility to explore the dynamics of the Eurace@Unibi agent-based macroeconomic model and to encourage the reproducibility and transparency of research. The package contains various components that allow the us...
Chapter
Full-text available
Agent-based simulation models are a relatively new addition to the tool-box of macroeconomists. The aim of this chapter is to review work that has been carried out in recent years. Particularly, we present the Eurace@Unibi model and set it into perspective with other agent-based macroeconomic models. Besides presenting a sketch of the Eurace@Unibi...
Article
Full-text available
Following the events of the credit crunch and the onset of a global recession, alternative ways of modeling modern economies and mechanisms for carrying out policy analysis are now an urgent priority. Traditional mathematical economics is widely viewed to have been compromised through gross simplifications with many assumptions that are now seen to...
Article
Full-text available
At the 100th Dahlem conference New Approaches in Economics after the Financial Crisis a working group devised guidelines for the documentation of computational economic agent-based models, based upon -- but differing from -- the ODD protocol Grimm et al. (2006, 2010). This paper sketches the motivation for coming up with a new set of guidelines tai...
Chapter
Full-text available
In this chapter we consider the effects of exogenous energy shocks on an agent-based macroeconomic system and study the out-of-equilibrium dynamics. We introduce automatic stabilizers that allow the artificial economy to absorbe the shocks. Two types of macroeconomic stabilization policies are implemented: aconsumer subsidy scheme that compensates...
Article
The purpose of this paper is to study the dynamic behavior of a sequential monetary exchange economy. Transactions take place sequentially against non-equilibrium prices, there is quantity rationing, and credit or cash are the only means of exchange. Agents have optimistic or pessimistic expectations about quantity constraints that represent their...
Article
Full-text available
EURACE is a major FP6 STREP project aiming at constructing anexhaustive agent-based model of the European economy, populated by avery large number of sophisticated, autonomous agents. The EURACEmodel, which has an explicit spatial structure, includes all the majormarkets considered in quantitative macroeconomic modelling (consumergoods, investment...
Article
EURACE is a major European attempt to construct an agent-based model of the European economy with a very large population of autonomous, purposive agents interacting in a complicated economic environment. To create it, major advances are needed, in particular in terms of economic modeling and software engineering. In this paper, we describe the gen...
Article
Full-text available
fax: +31 20 525 4349. This paper owes much to the advice of my thesis advisor Claus Weddepohl. I am also indebted to Cars Hommes for helpful suggestions and to Cees Diks, Jan Tuinstra and Florian Wagener for valuable discussions and comments. All remaining errors are of course my own.
Article
Full-text available
The purpose of this paper is to develop a general equilibrium model with money and trade taking place at disequilibrium prices. There are multiple markets being visited sequentially and transactions occur along the adjustment path. This implies quantity rationing to clear the market and we assume that there are cash-in-advance constraints on the tr...
Article
The paper studies dynamic trading behavior in a circular exchange economy. Transactions take place sequentially at non-equilibrium prices, there is quantity rationing, and credit is the only means of exchange. Agents can have optimistic or pessimistic expectations about quantity constraints which represent their beliefs about future trading opportu...
Article
An agent-based computational model is studied with a sequential market structure. We consider a stationary exchange economy with trade taking place outside equilibrium. This implies quantity rationing and cash in advance constraints. The updating of prices and cash balances makes it necessary for agents to continually re-optimize their trading plan...
Article
The purpose of this paper is to develop a general equilibrium model with money and trade taking place outside of equilibrium. There are multiple markets which are visited sequentially by the agents and transactions occur at disequilibrium prices along the adjustment path. This implies quantity rationing and we assume that there is a cash-in-advance...

Questions

Question (1)
Question
A random process is ergodic if the time average of a sequence of observations is the same as the time average over the entire phase space of the system, when the sample is long enough. This means that sampling gives information about the system. But there is also the idea that the economy is an open system, which generates new information all the time: new inventions, new politics, new institutions, new economy. What does this entail for our possibilities to study such a system, and can it be modelled at all? Concepts of evolutionary computation such as John Holland's GA, and Stephen Wolfram's notion that everything is a CA, does this help?

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