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Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Wright, Ian | en |
dc.date.accessioned | 2009-08-12T07:14:55Z | - |
dc.date.available | 2009-08-12T07:14:55Z | - |
dc.date.issued | 2008 | - |
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 |
dc.language.iso | eng | en |
dc.publisher | |aKiel Institute for the World Economy (IfW) |cKiel | en |
dc.relation.ispartofseries | |aEconomics Discussion Papers |x2008-41 | en |
dc.subject.jel | E11 | en |
dc.subject.jel | P16 | en |
dc.subject.jel | D50 | en |
dc.subject.jel | C63 | en |
dc.subject.jel | B41 | en |
dc.subject.jel | A12 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Micro foundations | en |
dc.subject.keyword | macroeconomics | en |
dc.subject.keyword | aggregation | en |
dc.subject.keyword | power laws | en |
dc.subject.stw | Mikroökonomische Fundierung | en |
dc.subject.stw | Agent-based Model | en |
dc.subject.stw | Aggregation | en |
dc.subject.stw | Makroökonomik | en |
dc.subject.stw | Marktwirtschaft | en |
dc.subject.stw | Wahrscheinlichkeitsrechnung | en |
dc.subject.stw | Theorie | en |
dc.title | Implicit Microfoundations for Macroeconomics | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 588119652 | en |
dc.rights.license | http://creativecommons.org/licenses/by-nc/2.0/de/deed.en | en |
dc.identifier.repec | RePEc:zbw:ifwedp:7462 | en |
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