Massimo Daniele Sapienza
Università di Roma II Tor Vergata
 McKinsey & Co Italia


 ACE Papers

  • BankNet [Paper] May 1999
  • BankNet [Software Swarm 1.05] June 1998*
  • The implementation of a simulator like BankNet allows to show the full potential of experiments with artificial agents in the study of economic problems.In the model the existence of banking intermediation is displayed in presence of bounded rationality, highly imperfect information and high transaction costs. The non coordinated agents choose on the basis of simple rules of  thumb and unintentionally  create institutions useful to reduce the complexity of the environment. The perspective is dynamic, and the adjustment processes are in great evidence. This aspect is more effective than in the traditional analytical models of differential equations employed in orthodox dynamic analysis.  The continuing interaction among the agents is the evolutive engine which, “from the bottom-up” makes it possible for the system to evolve over time through a selecting mechanism.