Economies with heterogeneous interacting learning agents

Simone Landini (landini@ires.piemonte.it), Mauro Gallegati and Joseph Stiglitz

Journal of Economic Interaction and Coordination, 2015, vol. 10, issue 1, 118 pages

Abstract: Economic agents differ from physical atoms because of the learning capability and memory, which lead to strategic behaviour. Economic agents learn how to interact and behave by modifying their behaviour when the economic environment changes. We show that business fluctuations are endogenously generated by the interaction of learning agents via the phenomenon of regenerative-coordination, i.e. agents choose a learning strategy which leads to a pair of output and price which feedback on learning, possibly modifying it. Mathematically, learning is modelled as a chemical reaction of different species of elements, while inferential analysis develops combinatorial master equation, a technique, which is an alternative approach in modelling heterogeneous interacting learning agents. Copyright Springer-Verlag Berlin Heidelberg 2015

Keywords: Heterogeneous interacting ABM; Learning; Master equations; C5; C6; D83; E1; E3 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (7)

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DOI: 10.1007/s11403-013-0121-1

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