Agent-based dynamics in the general equilibrium model

Journal article: We introduce agent-based dynamics in a class of Arrow-Debreu economies with capital accumulation and technological progress. In this framework we confirm the results obtained by Gintis (2006, 2007) in an exchange economy: the micro-behavior of boundedly rational agents can lead to the emergence of equilibrium at the macro-level provided some form of collective optimization takes place via evolutionary mechanisms. Sensitivity analysis hint at further properties of out-of-equilibrium dynamics which can be analyzed using agent-based models.

Author(s)

Antoine Mandel

Journal
  • Complexity Economics
Date of publication
  • 2012
Keywords JEL
B52 C60
Pages
  • 105-121
Version
  • 1
Volume
  • 1