SCALING LAWS IN THE MACROECONOMY

Domenico Delli Gatti, Corrado Di Guilmi, Mauro Gallegati, Edoardo Gaffeo, G. Giulioni and Antonio Palestrini ()
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G. Giulioni: Department of Quantitative Methods and Economic Theory, "G. D'Annunzio" University of Chieti-Pescara, Via Pindaro 42, I-65127 Pescara, Italy

Advances in Complex Systems (ACS), 2008, vol. 11, issue 01, 131-138

Abstract: The practice of detecting power laws and scaling behaviors in economics and finance has gained momentum in the last few years, due to the increased use of concepts and methods first developed in statistical physics. Some disappointment has emerged in the economic profession, however, as regards the models proposed so far to theoretically explain these phenomena. In this paper we aim to address this criticism, showing that scaling behaviors can naturally emerge in a multiagent system with optimizing interacting units characterized by financial fragility.

Keywords: Scaling laws; business fluctuations; agent-based models (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1142/S0219525908001532

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