A Multi-Agent Systems Approach to Microeconomic Foundations of Macro
This paper is part of a broader project that attempts to gener- ate microfoundations for macroeconomics as an emergent property of complex systems. The multi-agents systems approach is seen to produce realistic macro properties from a primitive set of agents that search for satisfactory activities, "jobs", in an informationally constrained, computationally noisy environment. There is frictional and structural unemployment, inflation, excess capacity, fi- nancial instability along with the possibility of relatively smooth expansion. There is no Phillips curve but an inegalitarian distribution of income emerges as fundamental property of the system.
|Date of creation:||Sep 2007|
|Date of revision:|
|Contact details of provider:|| Postal: Thompson Hall, Amherst, MA 01003|
Web page: http://www.umass.edu/economics
More information through EDIRC
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.:
- Guth, Werner & Schmittberger, Rolf & Schwarze, Bernd, 1982. "An experimental analysis of ultimatum bargaining," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 367-388, December.
- Robert E. Lucas, Jr. & Thomas J. Sargent, 1979. "After Keynesian macroeconomics," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr.
- Robert Axtell, 1999. "The Emergence of Firms in a Population of Agents," Working Papers 99-03-019, Santa Fe Institute.
- Bill Gibson, 2003. "Thinking Outside the Walrasian Box," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 33(2), pages 36-46, June.
- Joshua M. Epstein & Robert L. Axtell, 1996. "Growing Artificial Societies: Social Science from the Bottom Up," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550253, June.
- Schelling, Thomas C, 1969. "Models of Segregation," American Economic Review, American Economic Association, vol. 59(2), pages 488-93, May.
- David Colander, 2003.
"Post Walrasian Macro Policy and the Economics of Muddling Through,"
International Journal of Political Economy,
M.E. Sharpe, Inc., vol. 33(2), pages 17-35, June.
- David Colander, 2003. "Post Walrasian Macro Policy and the Economics of Muddling Through," Middlebury College Working Paper Series 0322r, Middlebury College, Department of Economics.
- David Colander, 2003. "Post Walrasian Macro Policy and the Economics of Muddling Through," Middlebury College Working Paper Series 0322, Middlebury College, Department of Economics.
- Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
- Cheng, John Q & Wellman, Michael P, 1998.
"The WALRAS Algorithm: A Convergent Distributed Implementation of General Equilibrium Outcomes,"
Society for Computational Economics, vol. 12(1), pages 1-24, August.
- John Q. Cheng & Michael P. Wellman, 1995. "The WALRAS Algorithm: A Convergent Distributed Implementation of General Equilibrium Outcomes," Computational Economics 9508001, EconWPA.
- Henrich, Joseph & Boyd, Robert & Bowles, Samuel & Camerer, Colin & Fehr, Ernst & Gintis, Herbert (ed.), 2004. "Foundations of Human Sociality: Economic Experiments and Ethnographic Evidence from Fifteen Small-Scale Societies," OUP Catalogue, Oxford University Press, number 9780199262052, July.
- Rizvi, S Abu Turab, 1994. "The Microfoundations Project in General Equilibrium Theory," Cambridge Journal of Economics, Oxford University Press, vol. 18(4), pages 357-77, August.
- Brock,W.A. & Durlauf,S.N., 2005. "Social interactions and macroeconomics," Working papers 5, Wisconsin Madison - Social Systems.
- Axtell, R. & Epstein, J.M. & Young, H.P., 2000. "The Emergence of Classes in a Multi-Agent Bargaining Model," Papers 9, Brookings Institution - Working Papers.
When requesting a correction, please mention this item's handle: RePEc:ums:papers:2007-10. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Raphael Gouvea)
If references are entirely missing, you can add them using this form.