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Konstantinos Grevenitis

Konstantinos Grevenitis

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Tag: Crowd dynamics

Simulate a bank run with emotional responses, with Agent Based Economics

Simulate a bank run with emotional responses, with Agent Based Economics

TL;DR

This article is based on my master thesis with my supervisor, assistant professor Ilias Sakellariou.

The topic was to simulate a bank run scenario with agents that their emotions might change based on influences and end up in panic mode, cause of the fear that they will lose their money.

The scenario is simple. The agents everyday have a standard schedule. They wake up, the work for 8 hours, they do their groceries, if the goods are not enough, and return home. Suddenly they face rumors related to banks credibility, and this leads to massive withdrawals till we end up to a bank run phenomena.

You can go directly to the results, or to the references.

A paper by Springer, will be published soon.

Introduction

In recent years, agent based simulation has been successfully utilized in studying various economic phenomena. Those research results focus on modeling and simulation of emotions in Agent Based Economics (ACE).

The economic phenomena simulation based on multi-agent systems is one of the most contemporary ways of studying the latter, as it allows the design of various factors with twenty-two standardized emotions, which interact with each other.

The research scenario under investigation in the context of the present work, is the one of “bank panic”. The term “panic”, refers to the presence of emotional bias towards the unanticipated deposits withdrawal from more than one bank (simultaneous bank runs). The simulation world is composed of depositor agents, influencer agents, banks, ATMs, and retail shops.

Continue reading “Simulate a bank run with emotional responses, with Agent Based Economics”
Author Konstantinos GrevenitisPosted on 06/12/202013/03/2021

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Tags Agent-based Computational Economics Bank panic Bank run Crowd dynamics Emotional Agents Emotional contagion NetLogoLeave a comment on Simulate a bank run with emotional responses, with Agent Based Economics

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