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Coordination through social learning in a general equilibrium model

Author

Listed:
  • Isabelle Salle

    (U.S.E. - Utrecht School of Economics - Universiteit Utrecht / Utrecht University [Utrecht])

  • Murat Yildizoglu

    (GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique)

  • Martin Zumpe

    (GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique)

  • Marc-Alexandre Sénégas

    (GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper analyses coordination through social learning in a general equilibrium model. We use a fully decentralized economy, in which households and firms exchange labour and consumption goods in the corresponding markets with potential rationing. Their strategies are updated through an evolutionary learning process based on imitation and random experimenting. This learning process induces substantial coordination failures, especially between firms, which lead almost systematically to below equilibrium output levels and social welfare losses. The main underlying mechanism is a self-reinforcing uneven distribution of households' income, which results in a lack of aggregate demand.

Suggested Citation

  • Isabelle Salle & Murat Yildizoglu & Martin Zumpe & Marc-Alexandre Sénégas, 2017. "Coordination through social learning in a general equilibrium model," Post-Print hal-01848386, HAL.
    • Handle: RePEc:hal:journl:hal-01848386
    DOI: 10.1016/j.jebo.2017.05.020
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    Cited by:

    1. Gergely Varga & János Vincze, 2019. "Saver Types: An Evolutionary-Adaptive Approach," Society and Economy, Akadémiai Kiadó, Hungary, vol. 41(2), pages 263-287, June.
    2. Schiozer, Nikolas & Lima, Gilberto Tadeu & Alexandre, Michel, 2026. "Heterogeneity in pricing behavior in hybrid DSGE-ABM macrodynamics," Economic Modelling, Elsevier, vol. 155(C).
    3. Johann Lussange & Stefano Vrizzi & Stefano Palminteri & Boris Gutkin, 2024. "Mesoscale effects of trader learning behaviors in financial markets: A multi-agent reinforcement learning study," PLOS ONE, Public Library of Science, vol. 19(4), pages 1-40, April.
    4. Alan Bandeira Pinheiro & Nágela Bianca do Prado & Gustavo Hermínio Salati Marcondes de Moraes & Flávio Hourneaux Junior, 2025. "Exploring the United Nations Global Compact adoption in a multi‐level perspective," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(2), pages 2352-2363, April.
    5. Johann Lussange & Stefano Vrizzi & Stefano Palminteri & Boris Gutkin, 2024. "Mesoscale effects of trader learning behaviors in financial markets: A multi-agent reinforcement learning study," Post-Print hal-04790290, HAL.

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