An ABM for Economics: Micro Explains Macro

Luca Barone ()
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Luca Barone: University of Torino, Italy

No 16, Working papers from Department of Economics, Social Studies, Applied Mathematics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino

Abstract: The link between micro and macro level has always been difficult to trace, even when variables have strong homogeneous characteristics. What happens when heterogeneous components and random factors interact is even more difficult to define. By adopting an agent-based approach we found a result that does not reflects the classical methods of quantification of an economy. This can be interpreted as an alarm bell signaling a wrong description of the economic framework we want to explain. We illustrate the effectiveness of the "agent-based reasoning machine" and we derive a model to compare with classical methods of aggregation. A more comprehensible description of the model is given by "Unified Modeling Language (UML)" and "ODD standard protocol", allowing us to clarify the internal processes of our model.

Keywords: Aggregation; NetLogo; Simulations; Micro-Macro link; Agent Based Models (ABMs); Unified Modeling Language (UML); ODD standard protocol (search for similar items in EconPapers)
JEL-codes: C63 D04 O47 (search for similar items in EconPapers)
Pages: 52 pages
Date: 2013-01
New Economics Papers: this item is included in nep-cmp and nep-hme
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