Time in discrete agent-based models of socio-economic systems
We formulate the problem of computing time in discrete dynamical agent-based models in the context of socio-economic modeling. For such formulation, we outline a simple solution. This requires minimal extensions of the original untimed model. The proposed solution relies on the notion of agent-specific schedules of action and on two modeling assumptions. These are fulfilled by most models of pratical interest. For models for which stronger assumptions can be made, we discuss alternative formulations
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- Dosi, Giovanni & Fagiolo, Giorgio & Roventini, Andrea, 2010.
"Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 34(9), pages 1748-1767, September.
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- Giovanni Dosi & Giorgio Fagiolo & Andrea Roventini, 2008. "Schumpeter Meeting Keynes: A Policy-Friendly Model of Endogenous Growth and Business Cycles," LEM Papers Series 2008/21, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
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