An ABM for Economics: Micro Explains Macro
The link between micro and macro level has always been difficult to trace, even when variables have strong homogeneous characteristics. What happens when heterogeneous components and random factors interact is even more difficult to define. By adopting an agent-based approach we found a result that does not reflects the classical methods of quantification of an economy. This can be interpreted as an alarm bell signaling a wrong description of the economic framework we want to explain. We illustrate the effectiveness of the "agent-based reasoning machine" and we derive a model to compare with classical methods of aggregation. A more comprehensible description of the model is given by "Unified Modeling Language (UML)" and "ODD standard protocol", allowing us to clarify the internal processes of our model.
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| Length: | 52 pages |
| Date of creation: | Jan 2013 |
| Date of revision: | |
| Handle: | RePEc:tur:wpapnw:016 |
| Contact details of provider: | Postal: Phone: +39 011 670.6129 Fax: +39 011 670.6062 Web page: http://esomas.econ.unito.it/ More information through EDIRC
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- John Burbidge & Katherine Cuff, 2002. "Capital Tax Competition and Returns to Scale," Working Papers 03002, University of Waterloo, Department of Economics, revised Sep 2003.
- Godley, Wynne, 1999. "Money and Credit in a Keynesian Model of Income Determination," Cambridge Journal of Economics, Oxford University Press, vol. 23(4), pages 393-411, July.
- Frank Schorfheide, 2011.
"Estimation and Evaluation of DSGE Models: Progress and Challenges,"
NBER Working Papers
16781, National Bureau of Economic Research, Inc.
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