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Adaptive microfoundations for emergent macroeconomics

  • Edoardo Gaffeo

    ()

  • Domenico Delli Gatti
  • Saul Desiderio
  • Mauro Gallegati

In this paper we present the basics of a research program aimed at providing microfoundations to macroeconomic theory on the basis of computational agentbased adaptive descriptions of individual behavior. To exemplify our proposal, a simple prototype model of decentralized multi-market transactions is offered. We show that a very simple agent-based computational laboratory can challenge more structured dynamic stochastic general equilibrium models in mimicking comovements over the business cycle.

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Paper provided by Department of Economics, University of Trento, Italia in its series Department of Economics Working Papers with number 0802.

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Date of creation: 2008
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Handle: RePEc:trn:utwpde:0802
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