Heterogenous Agents, Interactions and Economic Performance
Title | Heterogenous Agents, Interactions and Economic Performance PDF eBook |
Author | Robin Cowan |
Publisher | Springer Science & Business Media |
Pages | 340 |
Release | 2012-12-06 |
Genre | Business & Economics |
ISBN | 3642556515 |
In traditional economics models of perfect competition agent's interactions are all mediated through the market. Interactions are anonymous, global and indirect. This is a powerful model, but we see many instances in which one, and sometimes all, of the previous characteristics fail to hold true. The type of agent you are, or your identity, can affect the type of interaction we have, and most surely the relationship between micro-behaviour and macro-phenomena in non-trivial ways. This book contains a selection of papers presented at the 6th Workshop on Economics with Heterogenous Interacting Agents (WEHIA). The contributions show that work done in other fields like evolutionary biology, statistical mechanics, social network theory and others help us to understand the way in which economic systems operate. Virtually all of the papers presented in this volume draw on some aspect or other of these varied approaches to related problems.
Heterogenous Agents, Interactions and Economic Performance
Title | Heterogenous Agents, Interactions and Economic Performance PDF eBook |
Author | Robin Cowan |
Publisher | Springer |
Pages | 341 |
Release | 2002-11-13 |
Genre | Business & Economics |
ISBN | 9783540440574 |
In traditional economics models of perfect competition agent's interactions are all mediated through the market. Interactions are anonymous, global and indirect. This is a powerful model, but we see many instances in which one, and sometimes all, of the previous characteristics fail to hold true. The type of agent you are, or your identity, can affect the type of interaction we have, and most surely the relationship between micro-behaviour and macro-phenomena in non-trivial ways. This book contains a selection of papers presented at the 6th Workshop on Economics with Heterogenous Interacting Agents (WEHIA). The contributions show that work done in other fields like evolutionary biology, statistical mechanics, social network theory and others help us to understand the way in which economic systems operate. Virtually all of the papers presented in this volume draw on some aspect or other of these varied approaches to related problems.
Complex Agent-Based Models
Title | Complex Agent-Based Models PDF eBook |
Author | Mauro Gallegati |
Publisher | Springer |
Pages | 90 |
Release | 2018-09-19 |
Genre | Business & Economics |
ISBN | 3319938584 |
This book offers a thorough introduction to the highly promising complex agent-based approach to economics, in which agent-based models (ABMs) are used to represent economic systems as complex and evolving systems composed of heterogeneous agents of limited rationality who interact with each other, generating the system’s emergent properties in the process. This approach represents a response to the limitations of the dominant theory in economics, which does not consider the possibility of a major crisis, and to the inability of dynamic stochastic general equilibrium theory to generate empirically falsifiable propositions. In the new perspective, the focus is on identifying the elements of instability rather than the triggering event. As the theory of complexity demonstrates, the interactions of heterogeneous agents produce non-linearity: this puts an end to the age of certainties. With ABMs, the methodology is “from the bottom up”. The individual parameters and their distribution are estimated, and then evaluated to verify whether aggregate regularities emerge on the whole. In short, not only micro, but also meso and macro empirical validation are employed. Moreover, it shows that the mantra of growth should be supplanted by the concept of a growth. Given its depth of coverage, the book will enable students at the undergraduate and Master’s level to gain a firm grasp of this important emerging approach. “This book is flower blossomed by one of the two greatest Italian economists.” Bruce Greenwald, Columbia University “The author’s - the ABM prophet’s - thoughts on economics have been at the forefront of the world. Without a firm belief in and dedication to human society, it is impossible to write such a book. This is a work of high academic value, which can help readers quickly understand the history and current situation of complex economic theory. In particular, we can understand the basic viewpoints, academic status, advantages and shortcomings of various schools of economic theory.” Jie Wu, Guangzhou Milestone Software Co., China
Emergent Macroeconomics
Title | Emergent Macroeconomics PDF eBook |
Author | Domenico Gatti |
Publisher | Springer Science & Business Media |
Pages | 120 |
Release | 2008-12-05 |
Genre | Science |
ISBN | 8847007259 |
This valuable book contributes substantively to the current state-of-the-art of macroeconomics. It provides a method for building models in which business cycles and economic growth emerge from the interactions of a large number of heterogeneous agents. Drawing from recent advances in agent-based computational modeling, the authors show how insights from dispersed fields can be fruitfully combined to improve our understanding of macroeconomic dynamics.
Interaction and Market Structure
Title | Interaction and Market Structure PDF eBook |
Author | Domenico Delli Gatti |
Publisher | Springer Science & Business Media |
Pages | 312 |
Release | 2000-03-27 |
Genre | Business & Economics |
ISBN | 9783540669791 |
This book is a collection of essays which examine how the properties of aggregate variables are influenced by the actions and interactions of heterogenous individuals in different economic contexts. The common denominator of the essays is a critique of the representative agent hypothesis. If this hypothesis were correct, the behaviour of the aggregate variable would simply be the reproduction of individual optimising behaviour. In the methodology of the hard sciences, one of the achievements of the quantum revolution has been the rebuttal of the notion that aggregate behaviour can be explained on the basis of the behaviour of a single unit: the elementary particle does not even exist as a single entity but as a network, a system of interacting units. In this book, new tracks in economics which parallel the developments in physics mentioned above are explored. The essays, in fact are contributions to the analysis of the economy as a complex evolving system of interacting agents.
Nonlinear Dynamics and Heterogeneous Interacting Agents
Title | Nonlinear Dynamics and Heterogeneous Interacting Agents PDF eBook |
Author | Thomas Lux |
Publisher | Springer Science & Business Media |
Pages | 326 |
Release | 2006-06-06 |
Genre | Business & Economics |
ISBN | 3540272968 |
Economic application of nonlinear dynamics, microscopic agent-based modelling, and the use of artificial intelligence techniques as learning devices of boundedly rational actors are among the most exciting interdisciplinary ventures of economic theory over the past decade. This volume provides us with a most fascinating series of examples on "complexity in action" exemplifying the scope and explanatory power of these innovative approaches.
Bounded rationality and heterogeneity in economic dynamic models
Title | Bounded rationality and heterogeneity in economic dynamic models PDF eBook |
Author | Pietro Dino Enrico Dindo |
Publisher | Rozenberg Publishers |
Pages | 180 |
Release | 2007 |
Genre | Economic modelling |
ISBN | 9051709366 |