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|
|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.:
- Robert E. Lucas, Jr. & Thomas J. Sargent, 1979. "After Keynesian macroeconomics," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr.
- Rizvi, S Abu Turab, 1994. "The Microfoundations Project in General Equilibrium Theory," Cambridge Journal of Economics, Oxford University Press, vol. 18(4), pages 357-377, August.
- Cheng, John Q & Wellman, Michael P, 1998.
"The WALRAS Algorithm: A Convergent Distributed Implementation of General Equilibrium Outcomes,"
Springer;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.
- Brock,W.A. & Durlauf,S.N., 2005. "Social interactions and macroeconomics," Working papers 5, Wisconsin Madison - Social Systems.
- 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.
- 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.
- 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.
- 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.
- Schelling, Thomas C, 1969. "Models of Segregation," American Economic Review, American Economic Association, vol. 59(2), pages 488-493, May.
- Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
- Bill Gibson, 2003. "Thinking Outside the Walrasian Box," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 33(2), pages 36-46, June.
- Robert Axtell, 1999. "The Emergence of Firms in a Population of Agents," Working Papers 99-03-019, Santa Fe Institute.
- 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, July. Full references (including those not matched with items on IDEAS)
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: (Daniele Girardi)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.