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”