On Agents and Equilibria
AbstractThis 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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Bibliographic InfoPaper provided by arXiv.org in its series Papers with number 1311.0414.
Date of creation: Nov 2013
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Web page: http://arxiv.org/
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-11-14 (All new papers)
- NEP-GTH-2013-11-14 (Game Theory)
- NEP-HME-2013-11-14 (Heterodox Microeconomics)
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