Article ID Journal Published Year Pages File Type
396190 Information Sciences 2007 18 Pages PDF
Abstract

Standard macroeconomics, based on a reductionist approach centered on the representative agent, is badly equipped to explain the empirical evidence where heterogeneity and industrial dynamics are the rule. In this paper we show that a simple agent-based model of heterogeneous financially fragile agents is able to replicate a large number of scaling type stylized facts with a remarkable degree of statistical precision.

Related Topics
Physical Sciences and Engineering Computer Science Artificial Intelligence
Authors
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