Edoardo Gaffeo (Department of Economics and CEEL, University of Trento, Via Inama 5, Trento I-38100, Italy) Domenico Delli Gatti (Institute of Economic Theory and Quantitative Methods, Catholic University of Milan, Milan, Italy) Saul Desiderio (Department of Economics, Università Politecnica delle Marche, Ancona, Italy) Mauro Gallegati (Department of Economics, Università Politecnica delle Marche, Ancona, Italy)
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In this paper we present the basics of a research program aimed at providing microfoundations to macroeconomic theory on the basis of computational agent-based adaptive descriptions of individual behavior. To exemplify our proposal, a simple prototype model of decentralized multi-market transactions is offered. We show that a very simple agent-based computational laboratory can challenge more structured Dynamic Stochastic General Equilibrium models in mimicking comovements over the business cycle. Eastern Economic Journal (2008) 34, 441–463. doi:10.1057/eej.2008.27
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