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Theia

Theia is not an agent within the economy. Theia is the main model step; orchestrating the behaviours and functions of all class agents in a strict order, ensuring the play unfolds in the correct sequence, that is, financial flows are logical and stocks are updated correctly.

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The Model Director: Theia, Goddess of Sight and Vision, https://en.wikipedia.org/wiki/Theia.

Main Model Step​

The sequence outlined in simplified form:

Phase 1: Policy Setting: Ask the government and central Bank what their endogenous (internally-decided) policies would be. Check if the model is in historical or projection mode and apply the correct policies for the step. Phase 2: Reset: Wipes all end-of-day trackers for every agent back to zero, ensuring a clean slate for the new step (period). Phase 3: Service Provision & Payroll: The Government executes its spending and debt servicing, and firms run their main operations, which includes making employment decisions and executing their payroll.

Phase 4: Financial Markets: Theia orchestrates the model agents financial transactions in a specific order: All bond and stock prices are updated; the private bank runs its operations (issuing new loans and acting as a primary dealer); the debt recovery agent processes defaults; the central bank clears the primary debt market; and finally, households and the fund manager execute all their investment and portfolio management decisions. Phase 5: Consumption: Now that households have received wages and / or investment incomes (for those employed and having financial wealth), Theia instructs them to determine their spending money and consumption requirements. This is the phase that provides firms with their consumer revenue.

Phase 6: Final Accounting: In the end-of-day bookkeeping, Theia instructs every agent to run their final accounting methods where profits, final taxes, and dividends are all calculated and paid. Phase 7 & 8: History & Data: All agents are instructed to record their final state to their memory (trackers), and the data collector takes the final snapshot of the entire economy for the model's output.