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Economics as a compartmental system: a simple macroeconomic example

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  • Fabio Tramontana

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Abstract

The application in Economics of methods and tools originally thought for other disciplines is not new. In this paper we show how the compartmental approach, typical of Biology, Medicine, Chemistry, etc., can be used as a tool to represent the heterogeneity of the agents and introduce it into the dynamic models. We also show that in some cases the subdivision of the agents into compartments can be useful for the government in order to obtain some results more efficiently.

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File URL: http://hdl.handle.net/10.1007/s12232-010-0106-5
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Bibliographic Info

Article provided by Springer in its journal International Review of Economics.

Volume (Year): 57 (2010)
Issue (Month): 4 (December)
Pages: 347-360

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Handle: RePEc:spr:inrvec:v:57:y:2010:i:4:p:347-360

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Web page: http://www.springer.com/economics/journal/12232

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Related research

Keywords: Compartmental systems; Heterogeneous agents; Fiscal policy; D82; E62; H32;

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References

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  1. Bruce C. Greenwald & Joseph E. Stiglitz, 1993. "Financial Market Imperfections and Business Cycles," NBER Working Papers 2494, National Bureau of Economic Research, Inc.
  2. Gary S. Becker, 1974. "Crime and Punishment: An Economic Approach," NBER Chapters, in: Essays in the Economics of Crime and Punishment, pages 1-54 National Bureau of Economic Research, Inc.
  3. Cars H. Hommes, 2005. "Heterogeneous Agent Models in Economics and Finance," Tinbergen Institute Discussion Papers 05-056/1, Tinbergen Institute.
  4. Aoki,Masanao, 2001. "Modeling Aggregate Behavior and Fluctuations in Economics," Cambridge Books, Cambridge University Press, number 9780521781268, October.
  5. Gary S. Becker, 1974. "A Theory of Marriage: Part II," NBER Chapters, in: Marriage, Family, Human Capital, and Fertility, pages 11-26 National Bureau of Economic Research, Inc.
  6. Kirman, Alan, 1993. "Ants, Rationality, and Recruitment," The Quarterly Journal of Economics, MIT Press, vol. 108(1), pages 137-56, February.
  7. Becker, Gary S, 1973. "A Theory of Marriage: Part I," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 813-46, July-Aug..
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Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. The economics of compartments
    by Economic Logician in Economic Logic on 2010-08-17 14:16:00
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Cited by:
  1. Artzrouni, Marc & Tramontana, Fabio, 2013. "The debt trap: a two-compartment train wreck," MPRA Paper 47578, University Library of Munich, Germany.
  2. Aleksejus Kononovicius & Valentas Daniunas, 2013. "Agent-based and macroscopic modeling of the complex socio-economic systems," Papers 1303.3693, arXiv.org, revised Apr 2013.

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  1. Economic Logic blog

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