Guest Lecture by Professor Vipin P Veetil (Indian Institute of Management Kozhikode)
A significant event took place within the framework of the MP Finance — a guest lecture VIPIN P VEETIL, a well-known foreign scientist, professor of the Kozhikode Business School. The lecture was devoted to the topical topic of agent-based modelling.
Vipin Veetil, a well-known economist and researcher, professor of the Kozhikode Business School (Indian Institute of Management Kozhikode), Ph.D., devoted his scientific work to the study of macroeconomics, monetary economics, production and structural networks. He pays special attention to the methodology of agency modelling, which is an innovative technique for solving complex socio-economic problems that are difficult to respond to traditional formal tools.
According to the professor, agent theory allows scientists to build synthetic economies on a computer, studying in detail the individual behaviour strategies of economic entities ("agents") and observing the interaction of these agents with each other. This approach is especially useful for understanding the processes of formation of competitive markets, capital flows and the spread of monetary shocks through production and financial chains.
The professor himself actively applied agency models to solve a number of complex problems, including the study of the general competition of goods and services, the formation of a stable equilibrium in markets with different expectations, and the study of the effects of inflation on the economy. These cases demonstrate the real benefits of agent-based modelling techniques for analysing situations that are traditionally considered intractable.
The main focus of the event was on the practical side of the issue. The teacher presented his own research to the students, demonstrated the tools and approaches used to create effective agency models. One of the most striking examples is the agency model he created, which revealed that accurate information about the future state of prices is not necessary to establish market equilibrium.
The students were provided with step-by-step instructions on how to develop their first agency model. An important aspect was learning how to choose a software tool for creating simulation models, such as programming languages, for example, Python.
The methodology of agent-based modelling is important not only for theoretical knowledge of economic laws, but also for practical purposes. This tool will allow future specialists to assess risks, optimize investment portfolios and find the best ways out of crisis situations. Today, many leading corporations and international organizations use similar methods to assess the impact of political decisions, changes in tax regimes and global shocks on financial stability.
The seminar participants were recommended to develop object-oriented programming skills and learn how to analyse large amounts of data, because it is this ability that will give an advantage over colleagues in the world of the digital economy of the future.
The second lecture of the series on "Agent-based models of finance" will be held in the near future.
Thus, this lecture helped future financiers to get acquainted with the latest technologies and opened up new horizons for professional growth, emphasizing the need for constant self-education and willingness to adapt to the modern conditions of the rapidly changing world of finance and technology.
