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A Multi-Agent Systems Approach to Microeconomic Foundations of Macro

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Author Info
Bill Gibson () (University of Massachusetts Amherst)
Abstract

This paper is part of a broader project that attempts to gener- ate microfoundations for macroeconomics as an emergent property of complex systems. The multi-agents systems approach is seen to produce realistic macro properties from a primitive set of agents that search for satisfactory activities, "jobs", in an informationally constrained, computationally noisy environment. There is frictional and structural unemployment, inflation, excess capacity, fi- nancial instability along with the possibility of relatively smooth expansion. There is no Phillips curve but an inegalitarian distribution of income emerges as fundamental property of the system.

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Paper provided by University of Massachusetts Amherst, Department of Economics in its series Working Papers with number 2007-10.

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Date of creation: Sep 2007
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Handle: RePEc:ums:papers:2007-10

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Keywords: Multi-agent system agent-based models microeconomic foundations macroeconomics.

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Find related papers by JEL classification:
D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
D30 - Microeconomics - - Distribution - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Rizvi, S Abu Turab, 1994. "The Microfoundations Project in General Equilibrium Theory," Cambridge Journal of Economics, Oxford University Press, vol. 18(4), pages 357-77, August.
  2. David Colander, 2003. "Post Walrasian Macro Policy and the Economics of Muddling Through," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 33(2), pages 17-35, June. [Downloadable!] (restricted)
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  3. Guth, Werner & Schmittberger, Rolf & Schwarze, Bernd, 1982. "An experimental analysis of ultimatum bargaining," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 367-388, December. [Downloadable!] (restricted)
  4. repec:att:wimass:192055 is not listed on IDEAS
  5. Schelling, Thomas C, 1969. "Models of Segregation," American Economic Review, American Economic Association, vol. 59(2), pages 488-93, May. [Downloadable!] (restricted)
  6. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March. [Downloadable!] (restricted)
  7. Bill Gibson, 2003. "Thinking Outside the Walrasian Box," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 33(2), pages 36-46, June. [Downloadable!] (restricted)
  8. Robert Axtell, 1999. "The Emergence of Firms in a Population of Agents," Working Papers 99-03-019, Santa Fe Institute.
  9. Cheng, John Q & Wellman, Michael P, 1998. "The WALRAS Algorithm: A Convergent Distributed Implementation of General Equilibrium Outcomes," Computational Economics, Springer, vol. 12(1), pages 1-24, August. [Downloadable!]
    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Bill Gibson, 2008. "Keynesian And Neoclassical Closures In An Agent-Based Context," Working Papers 2008-03, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  2. Bill Gibson, 2008. "The Current Macroeconomic Crisis," Working Papers 2008-02, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
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