74 citations · 88 across the 13 of their papers we have counts for
17 papers
Machine Spirits: Speculation and Adaptation of LLM Agents in Asset Markets
Maxime Saxena, Marco Pangallo, Cars Hommes +2
As Large Language Models (LLMs) become increasingly integrated into financial systems, understanding their behavioural properties is crucial. Do LLMs conform to the rational expect…
Statistical Model Checking of NetLogo Models
Marco Pangallo, Daniele Giachini, Andrea Vandin
Agent-based models (ABMs) are gaining increasing traction in several domains, due to their ability to represent complex systems that are not easily expressible with classical mathe…
Comparing Data Assimilation and Likelihood-Based Inference on Latent State Estimation in Agent-Based Models
Blas Kolic, Corrado Monti, Gianmarco De Francisci Morales +1
In this paper, we present the first systematic comparison of Data Assimilation (DA) and Likelihood-Based Inference (LBI) in the context of an Agent-Based Model (ABM). These models…
Can Generative AI agents behave like humans? Evidence from laboratory market experiments
R. Maria del Rio-Chanona, Marco Pangallo, Cars Hommes
We explore the potential of Large Language Models (LLMs) to replicate human behavior in economic market experiments. Compared to previous studies, we focus on dynamic feedback betw…
Learning Individual Behavior in Agent-Based Models with Graph Diffusion Networks
Francesco Cozzi, Marco Pangallo, Alan Perotti +2
Agent-Based Models (ABMs) are powerful tools for studying emergent properties in complex systems. In ABMs, agent behaviors are governed by local interactions and stochastic rules.…
Data-Driven Economic Agent-Based Models
Marco Pangallo, R. Maria del Rio-Chanona
Economic agent-based models (ABMs) are becoming more and more data-driven, establishing themselves as increasingly valuable tools for economic research and policymaking. We propose…
Forecasting Macroeconomic Dynamics using a Calibrated Data-Driven Agent-based Model
Samuel Wiese, Jagoda Kaszowska-Mojsa, Joel Dyer +6
In the last few years, economic agent-based models have made the transition from qualitative models calibrated to match stylised facts to quantitative models for time series foreca…
The unequal effects of the health-economy tradeoff during the COVID-19 pandemic
Marco Pangallo, Alberto Aleta, R. Maria del Rio Chanona +9
The potential tradeoff between health outcomes and economic impact has been a major challenge in the policy making process during the COVID-19 pandemic. Epidemic-economic models de…
On learning agent-based models from data
Corrado Monti, Marco Pangallo, Gianmarco De Francisci Morales +1
Agent-Based Models (ABMs) are used in several fields to study the evolution of complex systems from micro-level assumptions. However, ABMs typically can not estimate agent-specific…
In and out of lockdown: Propagation of supply and demand shocks in a dynamic input-output model
Anton Pichler, Marco Pangallo, R. Maria del Rio-Chanona +2
Economic shocks due to Covid-19 were exceptional in their severity, suddenness and heterogeneity across industries. To study the upstream and downstream propagation of these indust…
Best-response dynamics, playing sequences, and convergence to equilibrium in random games
Torsten Heinrich, Yoojin Jang, Luca Mungo +4
We analyze the performance of the best-response dynamic across all normal-form games using a random games approach. The playing sequence -- the order in which players update their…
Production networks and epidemic spreading: How to restart the UK economy?
Anton Pichler, Marco Pangallo, R. Maria del Rio-Chanona +2
We analyse the economics and epidemiology of different scenarios for a phased restart of the UK economy. Our economic model is designed to address the unique features of the COVID-…
What do online listings tell us about the housing market?
Michele Loberto, Andrea Luciani, Marco Pangallo
Traditional data sources for the analysis of housing markets show several limitations, that recently started to be overcome using data coming from housing sales advertisements (ads…
Synchronization of endogenous business cycles
Marco Pangallo
Business cycles tend to comove across countries. However, standard models that attribute comovement to propagation of exogenous shocks struggle to generate a level of comovement th…
Best reply structure and equilibrium convergence in generic games
Marco Pangallo, Torsten Heinrich, J Doyne Farmer
Game theory is widely used as a behavioral model for strategic interactions in biology and social science. It is common practice to assume that players quickly converge to an equil…
Towards a taxonomy of learning dynamics in 2 x 2 games
Marco Pangallo, James Sanders, Tobias Galla +1
Do boundedly rational players learn to choose equilibrium strategies as they play a game repeatedly? A large literature in behavioral game theory has proposed and experimentally te…
Residential income segregation: A behavioral model of the housing market
Marco Pangallo, Jean Pierre Nadal, Annick Vignes
We represent the functioning of the housing market and study the relation between income segregation, income inequality and house prices by introducing a spatial Agent-Based Model…