|
EconStor >
Institut für Weltwirtschaft (IfW), Kiel >
Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/27477
|
| | |
Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Wright, Ian | | en_US |
| dc.date.accessioned | | 2009-08-12T07:14:55Z | | - |
| dc.date.available | | 2009-08-12T07:14:55Z | | - |
| dc.date.issued | | 2008 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/27477 | | - |
| dc.description.abstract | | A large market economy has a huge number of degrees of freedom with weak microlevel coordination. The implicit microfoundations' approach assumes this property of micro-level interactions more strongly conditions macro-level outcomes compared to the precise details of individual choice behavior; that is, the particle' nature of individuals dominates their mechanical' nature. So rather than taking an explicit microfoundations' approach, in which individuals are represented as white-box' sources of fully-specified optimizing behavior (rational agents), we instead represent individuals as black box' sources of unpredictable noise subject to objective constraints (zero-intelligence agents). To illustrate the potential of the approach we examine a parsimonious, agent-based macroeconomic model with implicit microfoundations. It generates many of the reported empirical distributions of capitalist economies, including the distribution of income, firm sizes, firm growth, GDP and recessions. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Kiel Institute for the World Economy (IfW) Kiel | | - |
| dc.relation.ispartofseries | | Economics Discussion Papers / Institut für Weltwirtschaft 2008-41 | | en_US |
| dc.subject.jel | | E11 | | en_US |
| dc.subject.jel | | P16 | | en_US |
| dc.subject.jel | | D50 | | en_US |
| dc.subject.jel | | C63 | | en_US |
| dc.subject.jel | | B41 | | en_US |
| dc.subject.jel | | A12 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Micro foundations | | en_US |
| dc.subject.keyword | | macroeconomics | | en_US |
| dc.subject.keyword | | aggregation | | en_US |
| dc.subject.keyword | | power laws | | en_US |
| dc.subject.stw | | Mikroökonomische Fundierung | | en_US |
| dc.subject.stw | | Agent-based Model | | en_US |
| dc.subject.stw | | Aggregation | | en_US |
| dc.subject.stw | | Makroökonomik | | en_US |
| dc.subject.stw | | Marktwirtschaft | | en_US |
| dc.subject.stw | | Wahrscheinlichkeitsrechnung | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Implicit Microfoundations for Macroeconomics | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 588119652 | | en_US |
| dc.rights.license | | http://creativecommons.org/licenses/by-nc/2.0/de/deed.en | | - |
| Appears in Collections: | | Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers
|
| Files in This Item:
| |
|
| No. of Downloads:
| |
| last Month |
last 3 Month |
total |
|
|
|
|
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|