A functional framework for agent-based models of exchange

Nicola Botta (), Antoine Mandel, Cezar Ionescu, Mareen Hofmann, Daniel Lincke (), Sybille Schupp and Carlo Jaeger
Additional contact information
Nicola Botta: PIK - Potsdam Institute for Climate Impact Research
Cezar Ionescu: PIK - Potsdam Institute for Climate Impact Research
Mareen Hofmann: PIK - Potsdam Institute for Climate Impact Research
Daniel Lincke: PIK - Potsdam Institute for Climate Impact Research
Sybille Schupp: Institute for Software Systems - TUHH - Hamburg University of Technology
Carlo Jaeger: PIK - Potsdam Institute for Climate Impact Research

Post-Print from HAL

Abstract: We propose a functional framework for studying agent-based dynamical models of exchange. The framework consists of a notation and of a number of elementary definitions. We argue that - in comparison to narrative descriptions - the framework has a number of advantages: (1) it allows one to express precisely the relationships between the classical notion of general equilibrium and agent-based models of exchange; (2) it supports computational descriptions of models of exchange which can be unambiguously implemented; (3) it assists the numerical investigation of such models by providing a specific set of elementary notions and computational primitives. These can be used to deduce model properties and to setup "crucial" numerical experiments for validating model implementations. In a companion paper, we apply the framework to specify and study a model of exchange in which multiple equilibrium prices coexist and prices evolve according to a simple trading scheme and to a generic genetic rule.

Keywords: Barter economies; General equilibrium; Agent-based methods; Functional specifications; Price dynamics (search for similar items in EconPapers)
Date: 2011-12-15
References: Add references at CitEc
Citations:

Published in Applied Mathematics and Computation, 2011, 218 (8), pp.4025-4040. ⟨10.1016/j.amc.2011.08.051⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Working Paper: A functional framework for agent-based models of exchange (2011)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00639725

DOI: 10.1016/j.amc.2011.08.051

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().