Multi-Agent Systems as a Tool for Analyzing Path-Dependent Macrodynamics

Mark Setterfield and Shyam Gouri Suresh ()
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Shyam Gouri Suresh: Department of Economics, Davidson College

No 1405, Working Papers from New School for Social Research, Department of Economics

Abstract: This paper discusses the concept of path dependence in macrodynamics, and identifies practical difficulties associated with building path-dependent macrodynamic models of the sort that Keynesians and Schumpeterians regard as necessary for the successful study of long-term growth and development. It is suggested that multi-agent systems (MAS) analysis can help address these difficulties, and therefore provides a useful tool for advancing path-dependent macrodynamic analysis. An illustrative example is provided in the form of a MAS model of path-dependent aggregate fluctuations.

Keywords: Multi-agent systems; agent based models; path dependence; macrodynamics (search for similar items in EconPapers)
JEL-codes: B41 C63 E12 E32 E37 O41 (search for similar items in EconPapers)
Pages: 39 pages
Date: 2014-12
New Economics Papers: this item is included in nep-cmp, nep-hme, nep-mac and nep-ore
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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http://www.economicpolicyresearch.org/econ/2014/NSSR_WP_052014.pdf First version, 2014 (application/pdf)

Related works:
Journal Article: Multi-agent systems as a tool for analyzing path-dependent macrodynamics (2016)
Working Paper: Multi-Agent Systems as a Tool for Analyzing Path-Dependent Macrodynamics (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:new:wpaper:1405

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