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Growth and Allocation of Resources in Economics: The Agent-Based Approach

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  • Enrico Scalas
  • Mauro Gallegati
  • Eric Guerci
  • David Mas
  • Alessandra Tedeschi

Abstract

Some agent-based models for growth and allocation of resources are described. The first class considered consists of conservative models, where the number of agents and the size of resources are constant during time evolution. The second class is made up of multiplicative noise models and some of their extensions to continuous-time.

Suggested Citation

  • Enrico Scalas & Mauro Gallegati & Eric Guerci & David Mas & Alessandra Tedeschi, 2006. "Growth and Allocation of Resources in Economics: The Agent-Based Approach," Papers physics/0608221, arXiv.org.
    • Handle: RePEc:arx:papers:physics/0608221
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    References listed on IDEAS

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    1. Masanao Aoki, 2001. "Modeling Aggregate Behavior and Fluctuations in Economics: Stochastic Views of Interacting Agents," UCLA Economics Online Papers 142, UCLA Department of Economics.
    2. Scalas, Enrico, 2006. "The application of continuous-time random walks in finance and economics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 362(2), pages 225-239.
    3. Champernowne,D. G. & Cowell,F. A., 1999. "Economic Inequality and Income Distribution," Cambridge Books, Cambridge University Press, number 9780521589598.
    4. Mainardi, Francesco & Raberto, Marco & Gorenflo, Rudolf & Scalas, Enrico, 2000. "Fractional calculus and continuous-time finance II: the waiting-time distribution," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 287(3), pages 468-481.
    5. Aoki,Masanao, 2004. "Modeling Aggregate Behavior and Fluctuations in Economics," Cambridge Books, Cambridge University Press, number 9780521606196.
    6. Giulio Bottazzi & Angelo Secchi, 2006. "Explaining the distribution of firm growth rates," RAND Journal of Economics, RAND Corporation, vol. 37(2), pages 235-256, June.
    7. Scalas, Enrico & Gorenflo, Rudolf & Mainardi, Francesco, 2000. "Fractional calculus and continuous-time finance," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 284(1), pages 376-384.
    8. Adrian Dragulescu & Victor M. Yakovenko, 2000. "Statistical mechanics of money," Papers cond-mat/0001432, arXiv.org, revised Aug 2000.
    9. Enrico Scalas, 2005. "Five Years of Continuous-time Random Walks in Econophysics," Finance 0501005, EconWPA.
    10. Bottazzi, Giulio & Secchi, Angelo, 2003. "Why are distributions of firm growth rates tent-shaped?," Economics Letters, Elsevier, vol. 80(3), pages 415-420, September.
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    Cited by:

    1. Einar Erlingsson & Simone Alfarano & Marco Raberto & Hlynur Stefánsson, 2013. "On the distributional properties of size, profit and growth of Icelandic firms," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 8(1), pages 57-74, April.
    2. Angle, John, 2011. "The particle system model of income and wealth more likely to imply an analogue of thermodynamics in social science," MPRA Paper 28864, University Library of Munich, Germany.
    3. Carmen Pellicer-Lostao & Ricardo Lopez-Ruiz, 2011. "Application of Chaotic Number Generators in Econophysics," Papers 1110.4506, arXiv.org, revised Oct 2011.
    4. Pavel Exner & Petr v{S}eba, 2007. "A Markov process associated with plot-size distribution in Czech Land Registry and its number-theoretic properties," Papers 0711.1836, arXiv.org, revised Dec 2007.

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