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A functional framework for agent-based models of exchange

Author

Listed:
  • Nicola Botta

    (PIK - Potsdam Institute for Climate Impact Research)

  • Antoine Mandel

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Cezar Ionescu

    (PIK - Potsdam Institute for Climate Impact Research)

  • Mareen Hofmann

    (PIK - Potsdam Institute for Climate Impact Research)

  • Daniel Lincke

    (PIK - Potsdam Institute for Climate Impact Research)

  • Sybille Schupp

    (Institute for Software Systems - Hamburg University of Technology)

  • Carlo Jaeger

    (PIK - Potsdam Institute for Climate Impact Research)

Abstract

We propose a functional framework for studying agent-based dynamical models of exchange. The framework consists of a notation and of a number of elementary definitions. We argue that - in comparison to narrative descriptions - the framework has a number of advantages: (1) it allows one to express precisely the relationships between the classical notion of general equilibrium and agent-based models of exchange; (2) it supports computational descriptions of models of exchange which can be unambiguously implemented; (3) it assists the numerical investigation of such models by providing a specific set of elementary notions and computational primitives. These can be used to deduce model properties and to setup "crucial" numerical experiments for validating model implementations. In a companion paper, we apply the framework to specify and study a model of exchange in which multiple equilibrium prices coexist and prices evolve according to a simple trading scheme and to a generic genetic rule.

Suggested Citation

  • Nicola Botta & Antoine Mandel & Cezar Ionescu & Mareen Hofmann & Daniel Lincke & Sybille Schupp & Carlo Jaeger, 2011. "A functional framework for agent-based models of exchange," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00639725, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00639725
    DOI: 10.1016/j.amc.2011.08.051
    as

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