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

Mark Setterfield and Shyam Gouri Suresh

No 14-11, Working Papers from Davidson College, 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)
Date: 2014-06
New Economics Papers: this item is included in nep-cmp, nep-hme and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in Structural Change and Economic Dynamics, September 2016, Volume 38, pages 25-37

Downloads: (external link)
https://doi.org/10.1016/j.strueco.2016.03.001 (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:dav:wpaper:14-11

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