Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
396190 | Information Sciences | 2007 | 18 Pages |
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
Domenico Delli Gatti, Edoardo Gaffeo, Mauro Gallegati, Gianfranco Giulioni, Alan Kirman, Antonio Palestrini, Alberto Russo,