Regensburg 2022 – wissenschaftliches Programm

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SOE: Fachverband Physik sozio-ökonomischer Systeme

SOE 3: Economic Models

SOE 3.5: Vortrag

Montag, 5. September 2022, 11:30–11:45, H11

Socioeconomic modeling of a fossil-fuel and renewable-energy based two-sector economy — •Philippe Lehmann¹, Eckehard Schöll^1,2, and Jobst Heitzig¹ — ¹Potsdam Institute for Climate Impact Research — ²Institut für Theoretische Physik, TU Berlin

We study a stylized economic model to capture the influence of social dynamics on investment decisions in a fossil-fuel and renewable energy based two-sector production economy. For this purpose the socioeconomic model in [1] is extended to two sectors. Although this model is based on simple assumptions, it shows extensive complex dynamics which we illustrate graphically to reveal the underlying mechanism. This empirical approach allows us to draw several analogies to patterns of our real economy that challenge current econometric models.

[1] Yuki M Asano, Jakob J Kolb, Jobst Heitzig, and J Doyne Farmer. Emergent inequality and business cycles in a simple behavioral macroeconomic model. PNAS 118, e2025721118 (2021).