Economic Dynamics with Heterogeneous Agents

C. R. Birchenhall

No 231, Computing in Economics and Finance 2001 from Society for Computational Economics

Abstract: This paper describes an agent-based model of exchange and uses it to illustrate the modelling framework offered by John Holland in his book on emergence and to propagate a hypothesis about the relationship between levels of exchange and the diversity of shadow prices. On both counts, the model described is the basis of an ongoing research project. That project looks to an object-orientated computational model of an economic system to contribute to the construction of an out of equilibrium analysis. It is argued that HollandÌs new computational framework, constrained generating procedures, facilitates more expressive agent-based models than offered by genetic algorithms. Simulations of the exchange model are used to illustrate the hypothesis that a major determinant of the volume of trade, in and out of equilibrium, is the level of diversity of pre-trade shadow prices.

Keywords: Heterogeneous Agents; Gains from Trade; Out of equilibrium trade (search for similar items in EconPapers)
JEL-codes: D0 D5 (search for similar items in EconPapers)
Date: 2001-04-01
New Economics Papers: this item is included in nep-evo
References: Add references at CitEc
Citations:

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

Related works:
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:sce:scecf1:231

Access Statistics for this paper

More papers in Computing in Economics and Finance 2001 from Society for Computational Economics Contact information at EDIRC.
Bibliographic data for series maintained by Christopher F. Baum ().