Publications by ExSIDE Members related to the Project


Hommes, C.H. (2021), “Behavioral & experimental macroeconomics and policy analysis: a complex systems approach, Journal of Economic Literature 59(1), 149-219, March 2021.

Assenza, T., P. Heemeijer, C.H. Hommes, D. Massaro (2021), “Managing self-organization of expectations through monetary policy: a macro experiment”, Journal of Monetary Economics 117, 170-186.

Hommes, C.H., A. Kopányi-Peuker, J. Sonnemans (2021), “Bubbles, crashes and information contagion in large-group asset market experiments”, Experimental Economics 24, 414-433.

Ellen, ter, S., C.H. Hommes, R. Zwinkels (2021), “Comparing behavioral heterogeneity across asset classes”, Journal of Economic Behavior & Organization 185, 747-769.

Hommes, C.H., T. Makarewicz (2021), “Price level versus inflation targeting under heterogeneous expectations: a laboratory experiment”, Journal of Economic Behavior & Organization, 182, 39-82.

Gerotto, L., P. Pellizzari (2021), “A replication of Pindyck’s willingness to pay: on the efforts required to obtain results”, SN Business and Economics.


Delli Gatti, D., S. Reissl (2020), “ABC: An Agent Based Exploration of the Macroeconomic Effects of Covid-19”, CESifo, Munich, 2020, CESifo Working Paper No. 8763.

Donadelli, M., I. Gufler, P. Pellizzari (2020), “The macro and asset pricing implications of rising Italian uncertainty: Evidence from a novel news-based macroeconomic policy uncertainty index”, Economics Letters.

Bao, T., M. Hennequin, C. Hommes, and D. Massaro (2020), “Coordination on bubbles in large-group asset pricing experiments”,  Journal of Economic Dynamics and Control.

Dawid H. and T. Hellmann (2020), “R&D Investments Under Endogenous Cluster Formation”, Journal of Economic Behavior and Organization 174: 253-283.

Dindo, P. and F. Massari (2020), “The wisdom of the crowd in dynamic economies”, Theoretical Economics, forthcoming.

Assenza, T., P. Heemeijer, C. H. Hommes,  and D. Massaro (2020), “Managing self-organization of expectations through monetary policy: A macro experiment”, Journal of Monetary Economics.

Bernasconi, M. and J. Bernhofer (2020), “Catch me if you can: testing the reduction of compound lottery axiom on a tax compliance experiment”, in Journal of Behavioral and Experimental Economics, volume 84.

Mandel, A. and X. Venel (2020), “Dynamic competition over social networks”, European Journal of Operational Research. volume 280, issue 2, Pages 597-608.


Jump, R.C. and P. Levine (2019), Behavioural New Keynesian models, Journal of Macroeconomics, 59, 59-77.

Mauleon, A., Roehl N. and V. Vannetelbosch (2019) “Paths to stability for overlapping group structures”, Journal of Mathematical Economics, 83, 19-24.

Anufriev, M., Hommes, C., and T. Makarewicz (2019) “Simple Forecasting Heuristics that Make us Smart: Evidence from Different Market Experiments”, Journal of the European Economic Association, 17(5), 1538-1584.

Arifovic, J., Hommes, C., and I. Salle (2019), “Learning to believe in simple equilibria in a complex OLG economy – evidence from the lab”, Journal of Economic Theory, 183, 106-182. [details]

Bao, T., Hennequin, M., Hommes, C., and D. Massaro (2019), “Coordination on bubbles in large-group asset pricing experiments”, Journal of Economic Dynamics and Control.

Bolt, W., Demertzis, M., Diks, C., Hommes, C., and M. van der Leij (2019), “Identifying booms and busts in house prices under heterogeneous expectations”, Journal of Economic Dynamics & Control, 103, 234-259. [details]

Hommes, C. and J. Lustenhouwer (2019), “Inflation targeting and liquidity traps under endogenous credibility”, Journal of Monetary Economics.

Hommes, C., and J. Lustenhouwer (2019), “Managing unanchored, heterogeneous expectations and liquidity traps”, Journal of Economic Dynamics and Control, 101, 1-16. [details]

Hommes, C., Massaro, D. and I. Salle (2019), “Monetary and Fiscal Policy Design at the Zero Lower Bound: Evidence from the Lab”, Economic Inquiry, 57(2), 1120-1140. [details]

Hommes, C., Massaro, D. and M. Weber (2019), “Monetary policy under behavioral expectations: Theory and experiment, European Economic Review, 118, 193-212. [details]

Jump, R. C., Hommes, C. and P. Levine (2019), “Learning, heterogeneity, and complexity in the New Keynesian model”, Journal of Economic Behavior and Organization, 166, 446-470.

Bernasconi, M., R. Levaggi, F. Menoncin (2019) “Dynamic tax evasion with habit formation in consumption”, forthcoming in Scandinavian Journal of Economics.

van der Hoog, S. and H. Dawid (2019), “Bubbles, Crashes and the Financial Cycle: Insights from a Stock-Flow Consistent Agent-Based Macroeconomic Model”, Macroeconomic Dynamics, 23, 1205-1246.

Dawid H., P. Harting and S. van der Hoog (2019), “Manager Remuneration, Share Buybacks and Firm Performance”, Industrial and Corporate Change, 28, 681-706.

Dawid H., P. Harting, S. van der Hoog and M. Neugart (2019), “A Heterogeneous Agent Macroeconomic Model for Policy Evaluation: Improving Transparency and Reproducibility”, Journal of Evolutionary Economics, 29, 467-538.

Liuzzi, D., Pellizzari, P. and M. Tolotti (2019), “Fast traders and slow price adjustments: an artificial market with strategic interaction and transaction costs”, Journal of Economic Interaction and Coordination 14, 643–662 (2019).

Gerotto L., Pellizzari P. and M. Tolotti (2019), “Asymmetric Information and Learning by Imitation in Agent-Based Financial Markets”, in: De La Prieta F. et al. (eds) Highlights of Practical Applications of Survivable Agents and Multi-Agent Systems. The PAAMS Collection. PAAMS 2019. Communications in Computer and Information Science, vol 1047. Springer, Cham.

Dindo, P. (2019), “Survival in speculative markets”, Journal of Economic Theory, Vol. 181, Pages 1–43.

Herings, P. J.-J., A. Mauleon and V. Vannetelbosch (2019), “Stability of networks under horizon-K farsightedness”, forthcoming in Economic Theory.


Dindo, P. and J. Staccioli (2018), “Asset prices and wealth dynamics in a financial market with random demand shocks”, Journal of Economic Dynamics and Control, Vol. 95, Pages 187–210.

Bottazzi, G., P. Dindo and D. Giachini (2018), “Long-run heterogeneity in an exchange economy with fixed-mix traders”, Economic Theory, Vol. 66, Pages 406–447.

Assenza, T., P. Colzani, D. Delli Gatti and J. Grazzini (2018), “Does Fiscal Policy Matter? Tax and spend in a Macro ABM with Capital and Credit, Industrial and Corporate Change”, Industrial and Corporate Change, Volume 27, Issue 6, 1 December 2018, Pages 1069–1090.

Hommes, C., J. Lustenhouwer and K. Mavromatis (2018), “Fiscal consolidations and heterogeneous expectations, Journal of Economic Dynamics & Control, 87, 173-205. DOI: 10.1016/j.jedc.2017.12.002

Dawid, H., P. Harting and M. Neugart (2018), “Cohesion Policy and Inequality Dynamics: Insights from a Heterogeneous Agents Macroeconomic Model”, Journal of Economic Behavior and Organization, Vol. 150, pp. 220-255.

Gerotto, L. and P. Pellizzari (2018), “Unemployment Expectations in an Agent-Based Model with Education”, Advances in Practical Applications of Agents, Multi-Agent Systems, and Complexity: The PAAMS Collection, pp 175-186.

Gerotto, L. and P. Pellizzari (2018), “Generating Unemployment Expectations of the “Man in the Street””, Advances in Practical Applications of Agents, Multi-Agent Systems, and Complexity: The PAAMS Collection, pp 305-308.

Grabisch, M., A. Mandel, A. Rusinowska and E. Tanimura (2018), “Strategic Influence in Social Networks”, Mathematics of Operations Research, Vol. 43  Issue 1, pp. 29-50.

Möhlmeier, P., A. Rusinowska and E. Tanimura (2018), “Competition for the access to and use of information in networks”, Mathematical Social Sciences, Vol. 92, pp. 48-63.

Moro, A. and P. Pellizzari (2018), “A Computational Model of Labor Market Participation with Health Shocks and Bounded Rationality”, Knowledge and Information Systems (KAIS), Vol. 54, Issue 3, pp 617–631.


Bao, T., C. Hommes and T. Makarewicz (2017), “Bubble Formation and (in)Efficient Markets in Learning-to-forecast and optimise Experiments”, Economic Journal, Vol. 127 Issue 605, pp. F581-F609.

Grandjean, G., M. Mantovania, A. Mauleon and V. Vannetelbosch (2017), “Communication structure and coalition-proofness – Experimental evidence” , European Economic Review, Vol. 94, pp. 90-102.

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