Multi-agent systems as a tool for analyzing path-dependent macrodynamics

Mark Setterfield and Shyam Gouri Suresh

Structural Change and Economic Dynamics, 2016, vol. 38, issue C, 25-37

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. A concrete example is provided in the form of a simple but illustrative MAS model of path-dependent aggregate fluctuations.

Keywords: B41; C63; E12; E32; E37; O41; Multi-agent systems; Agent based models; Path dependence; Macrodynamics (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (3)

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Related works:
Working Paper: Multi-Agent Systems as a Tool for Analyzing Path-Dependent Macrodynamics (2014)
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:eee:streco:v:38:y:2016:i:c:p:25-37

DOI: 10.1016/j.strueco.2016.03.001

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