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Economics as a compartmental system: a simple macroeconomic example

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Author Info

  • Fabio Tramontana

    ()
    (Department of Economics, University of Ancona, Italy.)

  • Mauro Gallegati

    ()
    (Department of Economics, University of Ancona, Italy.)

Abstract

The application in Economics of methods and tools originally thought for other disciplines is not new. In this paper we show how the compartmental approach, typical of Biology, Medicine, Chemistry, etc., can be used as a tool to represent the heterogeneity of the agents and introduce it into the dynamic models. We also show that in some cases the subdivision of the agents into compartments can be useful for the government in order to obtain some results more efficiently.

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File URL: http://www.econ.uniurb.it/RePEc/urb/wpaper/WP_10_11.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini in its series Working Papers with number 1011.

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Length: 16 pages
Date of creation: 2010
Date of revision: 2010
Handle: RePEc:urb:wpaper:10_11

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Web page: http://www.econ.uniurb.it/
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Keywords: Compartmental systems; Heterogeneous agents; Fiscal policy.;

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References

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  1. Aoki,Masanao, 2001. "Modeling Aggregate Behavior and Fluctuations in Economics," Cambridge Books, Cambridge University Press, number 9780521781268, October.
  2. Kirman, Alan, 1993. "Ants, Rationality, and Recruitment," The Quarterly Journal of Economics, MIT Press, vol. 108(1), pages 137-56, February.
  3. Gary S. Becker, 1968. "Crime and Punishment: An Economic Approach," Journal of Political Economy, University of Chicago Press, vol. 76, pages 169.
  4. Greenwald, Bruce C & Stiglitz, Joseph E, 1993. "Financial Market Imperfections and Business Cycles," The Quarterly Journal of Economics, MIT Press, vol. 108(1), pages 77-114, February.
  5. Gary S. Becker, 1974. "A Theory of Marriage: Part II," NBER Chapters, in: Marriage, Family, Human Capital, and Fertility, pages 11-26 National Bureau of Economic Research, Inc.
  6. Hommes, Cars H., 2006. "Heterogeneous Agent Models in Economics and Finance," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 23, pages 1109-1186 Elsevier.
  7. Becker, Gary S, 1973. "A Theory of Marriage: Part I," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 813-46, July-Aug..
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. The economics of compartments
    by Economic Logician in Economic Logic on 2010-08-17 14:16:00
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Cited by:
  1. Aleksejus Kononovicius & Valentas Daniunas, 2013. "Agent-based and macroscopic modeling of the complex socio-economic systems," Papers 1303.3693, arXiv.org, revised Apr 2013.
  2. Artzrouni, Marc & Tramontana, Fabio, 2013. "The debt trap: a two-compartment train wreck," MPRA Paper 47578, University Library of Munich, Germany.

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  1. Economic Logic blog

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