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Agent-Based Model Approach to Complex Phenomena in Real Economy

  • Hiroshi Iyetomi
  • Hideaki Aoyama
  • Yoshi Fujiwara
  • Yuichi Ikeda
  • Wataru Souma
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    An agent-based model for firms' dynamics is developed. The model consists of firm agents with identical characteristic parameters and a bank agent. Dynamics of those agents is described by their balance sheets. Each firm tries to maximize its expected profit with possible risks in market. Infinite growth of a firm directed by the "profit maximization" principle is suppressed by a concept of "going concern". Possibility of bankruptcy of firms is also introduced by incorporating a retardation effect of information on firms' decision. The firms, mutually interacting through the monopolistic bank, become heterogeneous in the course of temporal evolution. Statistical properties of firms' dynamics obtained by simulations based on the model are discussed in light of observations in the real economy.

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    File URL: http://arxiv.org/pdf/0901.1794
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    Paper provided by arXiv.org in its series Papers with number 0901.1794.

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    Date of creation: Jan 2009
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    Handle: RePEc:arx:papers:0901.1794
    Contact details of provider: Web page: http://arxiv.org/

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    1. Masanao Aoki, . "Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes," UCLA Economics Online Papers 390, UCLA Department of Economics.
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