The economy as an interdependent system: Computational models (Agent-based modeling and simulation)
Computational methods like computer simulation, agent-based modeling, machine learning, and others are commonly employed in economics, finance, business analytics, and other fields. Though many are not exact analytical methods, they offer convenient ways to approximate analytical results while being inexpensive and time saving even when dealing with very complex settings. The seminar "The economy as an interdependent system: Computational models (Agent-based modeling and simulation)" will cover computational methods, techniques, and their applications with a particular focus on agent-based models. This includes the creation of an appropriate implementation in a formal programming language (e.g. Python), the process of carrying out, validating and improving the program and the final evaluation of the obtained results. Possible topics for term papers include: the simulation of markets, the simulation of business cycles and investment cycles, that of the stability of banking systems, or that of models of innovation and technological change, or empirical applications of sentiment analysis or automated classification as well as other topics.
Organisation and Examination
Organisation:
The bachelor level course requires the implementation of a defined task and the analysis and description of the resulting model.
The master level course requires reproducing a paper from the literature or parts thereof and the analysis and description of the resulting re-implementation.
The bachelor level Berufsfeldseminar "Methoden in der Ökonomik" requires a literature analysis on a defined topic.
The sessions of all three courses are held jointly to enable discussions and feedback among students at different levels.
Examination:
There will be no examination. Students should give short mid-term presentations (5 minutes each), full final presentations (15 minutes each) and complete a term paper. Requirements and standards do, of course, differ depending on the level.