Agent-based dynamics in the general equilibrium model

Antoine Mandel

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: We introduce agent-based dynamics in a class of Arrow-Debreu economies with capital accumulation and technological progress. In this framework we confirm the results obtained by Gintis (2006, 2007) in an exchange economy: the micro-behavior of boundedly rational agents can lead to the emergence of equilibrium at the macro-level provided some form of collective optimization takes place via evolutionary mechanisms. Sensitivity analysis hint at further properties of out-of-equilibrium dynamics which can be analyzed using agent-based models.

Keywords: general equilibrium; Agent-based model (search for similar items in EconPapers)
Date: 2012-09-01
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Citations: View citations in EconPapers (22)

Published in Complexity Economics, 2012, 1, pp.105-121. ⟨10.7564/12-COEC6⟩

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Working Paper: Agent-based dynamics in the general equilibrium model (2012)
Working Paper: Agent-based dynamics in the general equilibrium model (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00732823

DOI: 10.7564/12-COEC6

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