Agent-based dynamics in the general equilibrium model
نویسنده
چکیده
We introduce agent-based dynamics in a class of Arrow-Debreu economies with capital accumulation and technological progress. In this framework we confirm the results obtained by Gintis (2006, 2007) in an exchange economy: the micro-behavior of boundedly rational agents can lead to the emergence of equilibrium at the macro-level provided some form of collective optimization takes place via evolutionary mechanisms. Sensitivity analysis hint at further properties of out-of-equilibrium dynamics which can be analyzed using agent-based models.
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تاریخ انتشار 2012