EXPLORING FIRMS FINANCIAL DECISIONS BY HUMAN AND ARTIFICIAL AGENTS - Towards an Assessment of Minsky’s Financial Instability Hypothesis

Gianfranco Giulioni, Edgardo Bucciarelli, Marcello Silvestri

Abstract

In this paper we take the first step of a project aimed at assessing Minsky’s Financial Instability Hypothesis. Differently from a number of existing studies, our aim is to tackle the issue by combining two approaches: experimental and computational economics. The main goal of this paper is in fact to build artificial agents whose behavior mimic that of experimental agents. Two are the results worth to be mentioned. First, the heuristic approach could provide for a valid alternative micro-foundation for the financial decisions of entrepreneurs. Secondly, financial behaviors could mainly depend on the volatility of demand and on the accuracy of demand forecasts instead of depending on the business cycle phases as usually pointed out by models inspired by Minsky’s economic thought.

References

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Paper Citation


in Harvard Style

Giulioni G., Bucciarelli E. and Silvestri M. (2012). EXPLORING FIRMS FINANCIAL DECISIONS BY HUMAN AND ARTIFICIAL AGENTS - Towards an Assessment of Minsky’s Financial Instability Hypothesis . In Proceedings of the 4th International Conference on Agents and Artificial Intelligence - Volume 2: ICAART, ISBN 978-989-8425-96-6, pages 184-189. DOI: 10.5220/0003737401840189


in Bibtex Style

@conference{icaart12,
author={Gianfranco Giulioni and Edgardo Bucciarelli and Marcello Silvestri},
title={EXPLORING FIRMS FINANCIAL DECISIONS BY HUMAN AND ARTIFICIAL AGENTS - Towards an Assessment of Minsky’s Financial Instability Hypothesis},
booktitle={Proceedings of the 4th International Conference on Agents and Artificial Intelligence - Volume 2: ICAART,},
year={2012},
pages={184-189},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0003737401840189},
isbn={978-989-8425-96-6},
}


in EndNote Style

TY - CONF
JO - Proceedings of the 4th International Conference on Agents and Artificial Intelligence - Volume 2: ICAART,
TI - EXPLORING FIRMS FINANCIAL DECISIONS BY HUMAN AND ARTIFICIAL AGENTS - Towards an Assessment of Minsky’s Financial Instability Hypothesis
SN - 978-989-8425-96-6
AU - Giulioni G.
AU - Bucciarelli E.
AU - Silvestri M.
PY - 2012
SP - 184
EP - 189
DO - 10.5220/0003737401840189