Journal of Economic Interaction and Coordination
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On the plausibility of sunspot equilibria
Journal of Economic Interaction and Coordination - Tập 3 - Trang 25-41 - 2008
This study examines the plausibility of the emergence of sunspot equilibria in an agent-based artificial stock market. Using the agent-based model, we make the sunspots explicit so that we can test, e.g., by means of the Granger causality test, whether purely extrinsic uncertainty can influence price dynamics. In addition, through agent-based simulation, the coordination process, which is mainly d...... hiện toàn bộ
Using difference equations to find optimal tax structures on the SugarScape
Journal of Economic Interaction and Coordination - Tập 9 - Trang 233-253 - 2014
The use of equations to describe agent-based model dynamics allows access to mathematical theory that is not otherwise available. In particular, equation models can be effective at solving optimization problems—that is, problems concerning how an agent-based model can be most effectively steered into a particular state. In order to illustrate this strategy, we describe a modified version of the we...... hiện toàn bộ
Wealth distribution and the Lorenz curve: a finitary approach
Journal of Economic Interaction and Coordination - Tập 10 - Trang 79-89 - 2014
We use three stochastic games for the wealth of economic agents which may be at work in a real economy and we derive their statistical equilibrium distributions. Based on a heuristic argument, we assume that the expected observed wealth distribution is a mixture of these three distributions. We compare the Lorenz curves obtained from this conjecture with the empirical curves for a set of countries...... hiện toàn bộ
Non-self-averaging of a two-person game with only positive spillover: a new formulation of Avatamsaka’s dilemma
Journal of Economic Interaction and Coordination - Tập 4 - Trang 135-161 - 2009
In this game [Aruka in Avatamsaka game structure and experiment on the web. In: Aruka Y (ed) Evolutionary controversies in economics. Springer, Tokyo, pp 115–132, 2001], selfishness may not be determined even if an agent selfishly adopts the strategy of defection. Individual selfishness can only be realized if the other agent cooperates, therefore gain from defection can never be assured by defect...... hiện toàn bộ
Self-organization of R&D search in complex technology spaces
Journal of Economic Interaction and Coordination - Tập 2 Số 2 - Trang 211-229 - 2007
Patterns of dominant flows in the world trade web
Journal of Economic Interaction and Coordination - - 2007
Productivity and unemployment: an ABM approach
Journal of Economic Interaction and Coordination - Tập 16 - Trang 133-151 - 2020
We investigate the relationship between productivity and unemployment with an ABM approach. In particular, we use the framework of Riccetti et al. (J Econ Interact Coord 10(2):305–332, 2015) to run computer simulations considering different levels of productivity and analyse the corresponding effects on unemployment. The simulation results show the emergence of a fluctuating pattern of the unemplo...... hiện toàn bộ
Does too much liquidity generate instability?Abstract Corporate demand for cash is related to a number of firm-specific characteristics, like the presence of transaction costs, information asymmetry in credit markets, uncertainty and risk aversion. The purpose of this paper is to build a dynamic model that describes the potential chaotic effects of the accumulation of cash by firms over a prolonged period of t... ... hiện toàn bộ
Journal of Economic Interaction and Coordination - - 2022
Credit-driven investment, heterogeneous labor markets and macroeconomic dynamics
Journal of Economic Interaction and Coordination - - 2014
In this paper we set up a baseline, but nevertheless advanced and complete model representing detailed goods market dynamics, heterogeneous labor markets, dual and cross-dual wage-price adjustment processes, as well as counter-cyclical government policies. The cyclical movements of output generate, through Okun’s law, employment variations in the heterogeneous labor market. The core of the resulti...... hiện toàn bộ
The Microfoundations of the Keynesian Multiplier Process
Journal of Economic Interaction and Coordination - Tập 1 - Trang 33-44 - 2006
A theoretical foundation for the Keynesian multiplier process is derived from a simple model in which economic interactions are coordinated by a decentralized and self-organizing network of adaptive business enterprises. Deviation amplification arises from business failures that interrupt the flow of trading, and does not depend directly on lack of price-flexibility. Numerically the model produces...... hiện toàn bộ
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