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An ABM for Economics: Micro Explains Macro

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  • Luca Barone

    ()
    (University of Torino, Italy)

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    Abstract

    The link between micro and macro level has always been difficult to trace, even when variables have strong homogeneous characteristics. What happens when heterogeneous components and random factors interact is even more difficult to define. By adopting an agent-based approach we found a result that does not reflects the classical methods of quantification of an economy. This can be interpreted as an alarm bell signaling a wrong description of the economic framework we want to explain. We illustrate the effectiveness of the "agent-based reasoning machine" and we derive a model to compare with classical methods of aggregation. A more comprehensible description of the model is given by "Unified Modeling Language (UML)" and "ODD standard protocol", allowing us to clarify the internal processes of our model.

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    File URL: http://eco83.econ.unito.it/RePEc/wp/m16.pdf
    File Function: First version, 2013
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    Bibliographic Info

    Paper provided by Department of Economics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino in its series Working papers with number 016.

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    Length: 52 pages
    Date of creation: Jan 2013
    Date of revision:
    Handle: RePEc:tur:wpapnw:016

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    Related research

    Keywords: Aggregation; NetLogo; Simulations; Micro-Macro link; Agent Based Models (ABMs); Unified Modeling Language (UML); ODD standard protocol;

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    1. Frank Schorfheide, 2011. "Estimation and evaluation of DSGE models: progress and challenges," Working Papers 11-7, Federal Reserve Bank of Philadelphia.
    2. Hugues Bersini, 2012. "UML for ABM," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 15(1), pages 9.
    3. Milton Friedman, 1957. "The Permanent Income Hypothesis," NBER Chapters, in: A Theory of the Consumption Function, pages 20-37 National Bureau of Economic Research, Inc.
    4. John Burbidge & Katherine Cuff, 2002. "Capital Tax Competition and Returns to Scale," Department of Economics Working Papers 2002-10, McMaster University.
    5. Godley, Wynne, 1999. "Money and Credit in a Keynesian Model of Income Determination," Cambridge Journal of Economics, Oxford University Press, vol. 23(4), pages 393-411, July.
    6. Alan P. Kirman, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-136, Spring.
    7. Joshua M. Epstein & Robert L. Axtell, 1996. "Growing Artificial Societies: Social Science from the Bottom Up," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550253, December.
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