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On Agents and Equilibria

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  • Ted Theodosopoulos

Abstract

This essay discusses the advantages of a probabilistic agent-based approach to questions in theoretical economics, from the nature of economic agents, to the nature of the equilibria supported by their interactions. One idea we propose is that "agents" are meta-individual, hierarchically structured objects, that include as irreducible components groupings of different dimensions. We also explore the effects of non-ergodicity, by constructing a simple stochastic model for the contingent nature of economic interactions.

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  • Ted Theodosopoulos, 2013. "On Agents and Equilibria," Papers 1311.0414, arXiv.org.
    • Handle: RePEc:arx:papers:1311.0414
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    File URL: http://arxiv.org/pdf/1311.0414
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