A multi-agent systems approach to microeconomic foundations of macro

Arbeitspapier

This paper is part of a broader project that attempts to generate 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, in.ation, excess capacity, financial 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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Paper ; No. 2007-10

Classification and Topics

• Classification: Wirtschaft

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Gibson, Bill
• Event: Veröffentlichung
• (who): University of Massachusetts, Department of Economics
• (where): Amherst, MA
• (when): 2007

Further information

• Handle: http://hdl.handle.net/10419/64236
• Last update: 10.03.2025, 11:42 AM CET