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Population Games

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Author Info
Larry E. Blume

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Abstract

In most economists' view, aggregate economic activity results from the interactions of many small economic agents pursuing diverse interests. To some, this statement is a normative proposition. It immediately brings to mind Adam Smith's famous metaphor of the invisible hand, an expression of the normative superiority of markets as a resource allocation device. But even among those economists who hold a more cautious view of the superiority of markets, methodological individualism, the emphasis on the primacy of individual agents, has had an enormous impact on research into aggregate economic phenomena. For instance, it has led to the wholesale scrapping of those parts of macroeconomics lacking adqeuate "microfoundations," and to the acceptance of the "new classical macroeconomics," search theories of macroeconomic activity and other micro-based models. Nowadays a model of aggregate economic activity is only acceptable if it can be derived by aggregation from acceptable models of the behavior of individual agents.

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Publisher Info
Paper provided by Santa Fe Institute in its series Working Papers with number 96-04-022.

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Date of creation: Apr 1996
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Handle: RePEc:wop:safiwp:96-04-022

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Related research
Keywords: Economic agents; markets; macroeconomics; aggregate economic activity;

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References listed on IDEAS
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  1. Young H. P., 1993. "An Evolutionary Model of Bargaining," Journal of Economic Theory, Elsevier, vol. 59(1), pages 145-168, February. [Downloadable!] (restricted)
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  1. Berninghaus, Siegfried K. & Haller, Hans & Outkin, Alexander, 2005. "Neural Networks and Contagion," Sonderforschungsbereich 504 Publications 05-35, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  2. repec:att:wimass:19199923 is not listed on IDEAS
  3. Jean Louis Dessalles & Denis Phan, 2005. "Emergence in multi-agent systems:Cognitive hierarchy, detection, and complexity reduction," Computing in Economics and Finance 2005 257, Society for Computational Economics. [Downloadable!]
  4. Michihiro Kandori & Roberto Serrano & Oscar Volij, 2005. "Decentralized Trade, Random Utility And The Evolution Of Social Welfare," Economics Working Papers we056433, Universidad Carlos III, Departamento de Economía. [Downloadable!]
    Other versions:
  5. Durieu, Jacques & Haller, Hans & Solal, Philippe, 2005. "Interaction on Hypergraphs," Sonderforschungsbereich 504 Publications 05-34, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
  6. repec:att:wimass:192005 is not listed on IDEAS
  7. repec:att:wimass:19979r is not listed on IDEAS
  8. repec:att:wimass:1920116 is not listed on IDEAS
  9. Stephen Morris & Takashi Ui, 2003. "Generalized Potentials and Robust Sets of Equilibria," Levine's Bibliography 506439000000000325, UCLA Department of Economics. [Downloadable!]
    Other versions:
  10. Steven N. Durlauf, 1996. "Statistical Mechanics Approaches to Socioeconomic Behavior," NBER Technical Working Papers 0203, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  11. Arrow, Kenneth J, 1998. "What Has Economics to Say about Racial Discrimination?," Journal of Economic Perspectives, American Economic Association, vol. 12(2), pages 91-100, Spring. [Downloadable!] (restricted)
  12. Dave Colander, 2008. "Complexity, Pedagogy and the Economics of Muddling Through," Middlebury College Working Paper Series 0805, Middlebury College, Department of Economics. [Downloadable!]
  13. Josef Hofbauer & William H. Sandholm, 2001. "Evolution and Learning in Games with Randomly Disturbed Payoffs," Vienna Economics Papers 0205, University of Vienna, Department of Economics. [Downloadable!]
  14. Jacques Durieu & Hans Haller & Philippe Solal, 2004. "Nonspecific Networking," Game Theory and Information 0403005, EconWPA. [Downloadable!]
  15. repec:att:wimass:192015 is not listed on IDEAS
  16. smorris & Takashi Ui, 2004. "Generalized Potentials and Robust Sets of Equilibria," Econometric Society 2004 North American Winter Meetings 45, Econometric Society. [Downloadable!]
  17. Romans Pancs & Nicolaas J. Vriend, . "Schelling's Spatial Proximity Model of Segregation Revisited," Modeling, Computing, and Mastering Complexity 2003 15, Society for Computational Economics. [Downloadable!]
    Other versions:
  18. repec:att:wimass:1920320 is not listed on IDEAS
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