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
Pages
- 105-121
URL of the HAL notice
Version
- 1
Volume
- 1