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sfctools - A toolbox for stock-flow consistent, agent-based models.

Baldauf, Thomas (2023) sfctools - A toolbox for stock-flow consistent, agent-based models. Journal of Open Source Software, 8 (87), p. 4980. doi: 10.21105/joss.04980. ISSN 2475-9066.

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Official URL: https://joss.theoj.org/papers/10.21105/joss.04980#


One of the most challenging tasks in macroeconomic models is to describe the macro-level effects from the behavior of meso- or micro-level actors. Whereas in 1759, Adam Smith was still making use of the concept of an 'invisible hand' ensuring market stability and economic welfare (Rothschild, 1994), a more and more popular approach is to make the 'invisible' visible and to accurately model each actor individually by defining its behavioral rules and myopic knowledge domain (Castelfranchi, 2014; Cincotti et al., 2022). In agent-based computational economics (ACE), economic actors correspond to dynamically interacting entities, implemented as agents in a computer software (Axtell & Farmer, 2022; Klein et al., 2018; Tesfatsion, 2002). Such agent-based modeling (ABM) is a powerful approach utilized in economic simulations to generate complex dynamics, endogenous business cycles and market disequilibria. For many research topics, it is useful to combine agent-based modeling with the stock-flow consistent (SFC) paradigm (Caiani et al., 2016; Caverzasi & Godin, 2015; Nikiforos & Zezza, 2018). This architecture ensures there are no 'black holes', i.e. inconsistent sources or sinks, in an economic model. SFC-ABM models, however, are often intransparent and rely on very peculiar, custom-built data structures, thus hampering accessibility (Bandini et al., 2009; Hansen et al., 2019). A tedious task is to generate, maintain and distribute code for ABM, as well as to check for the inner consistency and logic of such models.

Item URL in elib:https://elib.dlr.de/195980/
Document Type:Article
Title:sfctools - A toolbox for stock-flow consistent, agent-based models.
AuthorsInstitution or Email of AuthorsAuthor's ORCID iDORCID Put Code
Baldauf, ThomasUNSPECIFIEDhttps://orcid.org/0000-0002-9119-7413138587199
Date:12 July 2023
Journal or Publication Title:Journal of Open Source Software
Refereed publication:Yes
Open Access:Yes
Gold Open Access:Yes
In ISI Web of Science:No
Page Range:p. 4980
Keywords:Agent-Based Modeling, Stock-Flow Consistent Modeling, User Interface, Economics
HGF - Research field:Energy
HGF - Program:Energy System Design
HGF - Program Themes:Digitalization and System Technology
DLR - Research area:Energy
DLR - Program:E SY - Energy System Technology and Analysis
DLR - Research theme (Project):E - Energy System Technology
Location: Stuttgart
Institutes and Institutions:Institute of Networked Energy Systems > Energy Systems Analysis, ST
Deposited By: Baldauf, Thomas
Deposited On:13 Jul 2023 09:01
Last Modified:13 Jul 2023 09:01

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