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Elements of Dynamic Economic Modeling: Presentation and Analysis

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  • Tesfatsion, Leigh

Abstract

The primary goal of these introductory notes is to promote the clear presentation and rigorous analysis of dynamic economic models, whether expressed in equation or agent-based form. A secondary goal is to promote the use of state-space modeling with its respect for historical process, for cause leading to effect without top-down imposition of global constraints. If economic modelers truly wish to respect the rationality of decision-makers, they should have the courage of their convictions; they should not be doing for their modeled decision-makers what in reality these decision-makers must do for themselves.

Suggested Citation

  • Tesfatsion, Leigh, 2014. "Elements of Dynamic Economic Modeling: Presentation and Analysis," Staff General Research Papers Archive 37305, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:37305
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    Cited by:

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    2. Múñoz, Féliz-Fernando & Encinar, María-Isabel & Cañibano, Carolina, 2016. "Agents, interaction, and economic laws: An analytical framework for understanding different economic theories," Working Papers in Economic Theory 2016/05, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
    3. Tesfatsion, Leigh, 2017. "Modeling Economic Systems as Locally-Constructive Sequential Games," ISU General Staff Papers 201702180800001022, Iowa State University, Department of Economics.
    4. Leigh Tesfatsion, 2017. "Modeling economic systems as locally-constructive sequential games," Journal of Economic Methodology, Taylor & Francis Journals, vol. 24(4), pages 384-409, October.
    5. Erhard Glötzl & Florentin Glötzl & Oliver Richters, 2019. "From constrained optimization to constrained dynamics: extending analogies between economics and mechanics," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(3), pages 623-642, September.
    6. Tingting Liu & Randall J. F. Bruins & Matthew T. Heberling, 2018. "Factors Influencing Farmers’ Adoption of Best Management Practices: A Review and Synthesis," Sustainability, MDPI, vol. 10(2), pages 1-26, February.
    7. Tesfatsion, Leigh, 2017. "Modeling Economic Systems as Locally-Constructive Sequential Games," ISU General Staff Papers 201704300700001022, Iowa State University, Department of Economics.
    8. Tesfatsion, Leigh, 2017. "Modeling Economic Systems as Locally-Constructive Sequential Games," ISU General Staff Papers 201703280700001022, Iowa State University, Department of Economics.
    9. Thomas Beaussier & Sylvain Caurla & Véronique Bellon Maurel & Eléonore Loiseau, 2019. "Coupling economic models and environmental assessment methods to support regional policies : A critical review," Post-Print hal-02021423, HAL.
    10. Lorraine Eden & Charles F. Hermann & Stewart R. Miller, . "Evidence-based policymaking in a VUCA world," UNCTAD Transnational Corporations Journal, United Nations Conference on Trade and Development.

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    Keywords

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    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling

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