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Heterogeneity, interaction and emergence: effects of composition

Listed author(s):
  • Simone Landini
  • Mauro Gallegati

The present paper emphasises that socioeconomic systems are complex systems due to two entangled categories characterising their constituents: heterogeneity and interaction as the main sources of complexity and emergence. This perspective is developed by reasoning on the double-face problem of microfoundation and aggregation in macroeconomic modelling taking care of heterogeneity, interaction and composition effects of individual behaviours into the emergence of macroscopic phenomena. With reference to the literature of this field, based on the statistical physics perspective in conjunction with the agent based modelling, an approach is discussed to analyse complex systems dynamics by means of a restricted set of equations explaining the dynamics of the drifting path trajectory and the distribution of fluctuations.

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Article provided by Inderscience Enterprises Ltd in its journal Int. J. of Computational Economics and Econometrics.

Volume (Year): 4 (2014)
Issue (Month): 3/4 ()
Pages: 339-361

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Handle: RePEc:ids:ijcome:v:4:y:2014:i:3/4:p:339-361
Contact details of provider: Web page: http://www.inderscience.com/browse/index.php?journalID==311

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  1. Alfarano, Simone & Lux, Thomas & Wagner, Friedrich, 2008. "Time variation of higher moments in a financial market with heterogeneous agents: An analytical approach," Journal of Economic Dynamics and Control, Elsevier, vol. 32(1), pages 101-136, January.
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  3. Mauro Gallegati & Alan Kirman (ed.), 1999. "Beyond the Representative Agent," Books, Edward Elgar Publishing, number 1375.
  4. Sorin Solomon & NataĊĦa Golo, 2015. "Microeconomic structure determines macroeconomic dynamics: Aoki defeats the representative agent," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 10(1), pages 5-30, April.
  5. Stoker, Thomas M, 1984. "Completeness, Distribution Restrictions, and the Form of Aggregate Functions," Econometrica, Econometric Society, vol. 52(4), pages 887-907, 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. Alan Kirman, 1993. "Ants, Rationality, and Recruitment," The Quarterly Journal of Economics, Oxford University Press, vol. 108(1), pages 137-156.
  8. Chiarella, Carl & Di Guilmi, Corrado, 2011. "The financial instability hypothesis: A stochastic microfoundation framework," Journal of Economic Dynamics and Control, Elsevier, vol. 35(8), pages 1151-1171, August.
  9. Gallegati, Mauro, 1994. "Composition effect and economic fluctuations," Economics Letters, Elsevier, vol. 44(1-2), pages 123-126.
  10. M. Gallegati & A. Palestrini & D. Gatti & E. Scalas, 2006. "Aggregation of Heterogeneous Interacting Agents: The Variant Representative Agent Framework," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 1(1), pages 5-19, May.
  11. Domenico Delli Gatti & Corrado Di Guilmi & Mauro Gallegati & Simone Landini, 2012. "Reconstructing Aggregate Dynamics in Heterogeneous Agents Models. A Markovian Approach," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 117-146.
  12. Weidlich, Wolfgang & Braun, Martin, 1992. "The Master Equation Approach to Nonlinear Economics," Journal of Evolutionary Economics, Springer, vol. 2(3), pages 233-265, October.
  13. Simone Landini & Mariacristina Uberti, 2008. "A Statistical Mechanic View of Macro-dynamics in Economics," Computational Economics, Springer;Society for Computational Economics, vol. 32(1), pages 121-146, September.
  14. Jan Kmenta & James B. Ramsey, 1980. "Evaluation of Econometric Models," NBER Books, National Bureau of Economic Research, Inc, number kmen80-1, November.
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