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A multi-agent growth model based on the von Neumann-Leontief framework

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  • Li, Wu
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Abstract

This paper presents a discrete-time growth model to describe the dynamics of a multi-agent economy, and the model consists of production process, exchange process, price and technology adjustment processes etc. Technologies of agents in each period are represented by a technology matrix pair, and some properties of Perron-Frobenius eigenvalues and eigenvectors of technology matrix pairs are discussed. An exchange model is also developed to serve as the exchange part of the growth model. And equilibrium paths of the growth model are proved to be balanced growth paths sharing a unique normalized price vector. Though this paper focuses mainly on the case of n agents and n goods, the growth model can also deal with the case of m agents and n goods. A numerical example with 6 agents and 4 goods is given, which describes the dynamics of a two-country economy and has endogenous price fluctuations and business cycles.

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File URL: http://mpra.ub.uni-muenchen.de/11302/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11302.

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Date of creation: 08 Aug 2008
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Handle: RePEc:pra:mprapa:11302

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Related research

Keywords: von Neumann’s expanding economic model; input-output model; dynamic general equilibrium; disequilibrium; multi-country economic model;

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  1. M A H Dempster & I V Evstigneev & M I Taksar, 2005. "Asset pricing and hedging in financial markets with transaction costs: an approach based on the von Neumann-Gale model," Working Papers 062005, University of Cambridge, Judge Business School, Centre for Financial Research.
  2. Lionel W. McKenzie, 2012. "turnpike theory," The New Palgrave Dictionary of Economics, Palgrave Macmillan.
  3. I. V. Evstigneev & K. R. Schenk-Hoppé, 2006. "VPure and Randomized Equilibria in the Stochastic von Neumann-Gale model," The School of Economics Discussion Paper Series 0603, Economics, The University of Manchester.
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