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Authors: Gianfranco Giulioni ; Edgardo Bucciarelli and Marcello Silvestri

Affiliation: University of Chieti-Pescara, Italy

Keyword(s): Firms financial decision, Experimental economics, Heuristic optimization, Differential evolution.

Related Ontology Subjects/Areas/Topics: Agents ; Artificial Intelligence ; Economic Agent Models

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.

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Paper citation in several formats:
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 1: ICAART; ISBN 978-989-8425-96-6; ISSN 2184-433X, SciTePress, pages 184-189. DOI: 10.5220/0003737401840189

@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 1: ICAART},
year={2012},
pages={184-189},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0003737401840189},
isbn={978-989-8425-96-6},
issn={2184-433X},
}

TY - CONF

JO - Proceedings of the 4th International Conference on Agents and Artificial Intelligence - Volume 1: 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
IS - 2184-433X
AU - Giulioni, G.
AU - Bucciarelli, E.
AU - Silvestri, M.
PY - 2012
SP - 184
EP - 189
DO - 10.5220/0003737401840189
PB - SciTePress

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