Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/27477 
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dc.contributor.authorWright, Ianen
dc.date.accessioned2009-08-12T07:14:55Z-
dc.date.available2009-08-12T07:14:55Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/27477-
dc.description.abstractA 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.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aEconomics Discussion Papers |x2008-41en
dc.subject.jelE11en
dc.subject.jelP16en
dc.subject.jelD50en
dc.subject.jelC63en
dc.subject.jelB41en
dc.subject.jelA12en
dc.subject.ddc330en
dc.subject.keywordMicro foundationsen
dc.subject.keywordmacroeconomicsen
dc.subject.keywordaggregationen
dc.subject.keywordpower lawsen
dc.subject.stwMikroökonomische Fundierungen
dc.subject.stwAgent-based Modelen
dc.subject.stwAggregationen
dc.subject.stwMakroökonomiken
dc.subject.stwMarktwirtschaften
dc.subject.stwWahrscheinlichkeitsrechnungen
dc.subject.stwTheorieen
dc.titleImplicit Microfoundations for Macroeconomics-
dc.typeWorking Paperen
dc.identifier.ppn588119652en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifwedp:7462en

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