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The Economics of Vampires: An Agent-based Perspective

Author

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  • Dan Farhat

    (Department of Economics, University of Otago, New Zealand)

Abstract

Vampires are a prominent feature of modern culture. Past research identifies the ecological and economic relationship between vampires and living humans under the assumption that 'representative agents' are capable of characterising entire communities. Whether populations of individuals can coordinate themselves sufficiently or not to achieve the same outcomes as the representative agent is not addressed. The purpose of this study is to create a human-vampire ecosystem using artificial social simulation. An agent-based computational model is constructed in which heterogeneous vampire and human individuals engage in one-on-one interaction within a virtual landscape. These interactions result in the emergence of aggregate-level phenomena. Simulating alternative virtual economies under different model calibrations shows under what conditions these emergent phenomena are similar to those produced by the representative agents in previous studies. This article contends that growing human-vampire economies can shed light on an array of social and economic issues even if vampires never existed at all.

Suggested Citation

  • Dan Farhat, 2013. "The Economics of Vampires: An Agent-based Perspective," Working Papers 1301, University of Otago, Department of Economics, revised Jan 2013.
    • Handle: RePEc:otg:wpaper:1301
    as

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    File URL: http://www.otago.ac.nz/economics/research/otago076635.pdf
    File Function: First version, 2013
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    References listed on IDEAS

    as
    1. Philippe Mathieu & Bruno Beaufils & Olivier Brandouy, 2005. "Artificial Economics," Post-Print hal-00826572, HAL.
    2. Snower, Dennis J, 1982. "Macroeconomic Policy and the Optimal Destruction of Vampires," Journal of Political Economy, University of Chicago Press, vol. 90(3), pages 647-655, June.
    3. Tesfatsion, Leigh, 2002. "Agent-Based Computational Economics: Growing Economies from the Bottom Up," ISU General Staff Papers 200201010800001251, Iowa State University, Department of Economics.
    4. Tesfatsion, Leigh, 2007. "Agents come to bits: Towards a constructive comprehensive taxonomy of economic entities," Journal of Economic Behavior & Organization, Elsevier, vol. 63(2), pages 333-346, June.
    5. Epstein, Joshua M., 2006. "Remarks on the Foundations of Agent-Based Generative Social Science," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 34, pages 1585-1604, Elsevier.
    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. The obscure economics of vampires
      by Economic Logician in Economic Logic on 2013-03-05 21:06:00

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    Cited by:

    1. Maxime Menuet & Patrick Villieu, 2015. "Is Government Debt a Vamp? Public Finance in a Transylvanian Growth Model," Working Papers halshs-01199770, HAL.
    2. Michelle D. Haurand & Christian Stummer, 2018. "Stakes or garlic? Studying the emergence of dominant designs through an agent-based model of a vampire economy," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 26(2), pages 373-394, June.

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    More about this item

    Keywords

    economics of vampires; agent-based modelling; artificial social simulation;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • P0 - Political Economy and Comparative Economic Systems - - General

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