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Agent-based dynamics in the general equilibrium model

Author

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  • Antoine Mandel

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

We introduce agent-based dynamics in a class of Arrow-Debreu economies with capital accumulation and technological progress. In this framework we confirm the results obtained by Gintis (2006, 2007) in an exchange economy: the micro-behavior of boundedly rational agents can lead to the emergence of equilibrium at the macro-level provided some form of collective optimization takes place via evolutionary mechanisms. Sensitivity analysis hint at further properties of out-of-equilibrium dynamics which can be analyzed using agent-based models.

Suggested Citation

  • Antoine Mandel, 2012. "Agent-based dynamics in the general equilibrium model," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00732823, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00732823
    DOI: 10.7564/12-COEC6
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    Cited by:

    1. Otto, Christian & Willner, Sven Norman & Wenz, Leonie & Frieler, Katja & Levermann, Anders, 2017. "Modeling loss-propagation in the global supply network: The dynamic agent-based model acclimate," OSF Preprints 7yyhd, Center for Open Science.
    2. Otto, C. & Willner, S.N. & Wenz, L. & Frieler, K. & Levermann, A., 2017. "Modeling loss-propagation in the global supply network: The dynamic agent-based model acclimate," Journal of Economic Dynamics and Control, Elsevier, vol. 83(C), pages 232-269.
    3. Pierre Gosselin & Aïleen Lotz & Marc Wambst, 2021. "A statistical field approach to capital accumulation," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 16(4), pages 817-908, October.
    4. Pierre Gosselin & Aïleen Lotz & Marc Wambst, 2019. "Heterogeneity in social values and capital accumulation in a changing world," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(1), pages 47-92, March.
    5. Tongkui Yu & Shu-Heng Chen, 2021. "Realizable Utility Maximization as a Mechanism for the Stability of Competitive General Equilibrium in a Scarf Economy," Computational Economics, Springer;Society for Computational Economics, vol. 58(1), pages 133-167, June.
    6. Pierre Gosselin & Aïleen Lotz & Marc Wambst, 2019. "A Statistical Field Approach to Capital Accumulation," Working Papers hal-02280634, HAL.
    7. Pierre Gosselin & Aileen Lotz & Marc Wambst, 2022. "Financial Markets and the Real Economy: A Statistical Field Perspective on Capital Allocation and Accumulation," Papers 2205.03087, arXiv.org.
    8. Mandel, Antoine & Landini, Simone & Gallegati, Mauro & Gintis, Herbert, 2015. "Price dynamics, financial fragility and aggregate volatility," Journal of Economic Dynamics and Control, Elsevier, vol. 51(C), pages 257-277.
    9. Trond G. Husby & Elco E. Koks, 2017. "Household migration in disaster impact analysis: incorporating behavioural responses to risk," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 87(1), pages 287-305, May.
    10. Shu-Heng Chen & Bin-Tzong Chie & Ying-Fang Kao & Ragupathy Venkatachalam, 2019. "Agent-Based Modeling of a Non-tâtonnement Process for the Scarf Economy: The Role of Learning," Computational Economics, Springer;Society for Computational Economics, vol. 54(1), pages 305-341, June.
    11. Суслов В.И. & Доможиров Д.А. & Ибрагимов Н.М. & Костин В.С. & Мельникова Л.В. & Цыплаков А.А., 2016. "Агент-Ориентированная Многорегиональная Модель “Затраты-Выпуск” Российской Экономики," Журнал Экономика и математические методы (ЭММ), Центральный Экономико-Математический Институт (ЦЭМИ), vol. 52(1), pages 112-131, январь.

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    Keywords

    general equilibrium; Agent-based model;

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