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Agent-Based Computational Economics

Studying the Effect of Different Levels of Rationality on Macro-Activities for Economic Systems

Erschienen am 31.01.2011, Auflage: 1/2011
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Bibliografische Daten
ISBN/EAN: 9783843389228
Sprache: Englisch
Umfang: 228 S.
Format (T/L/B): 1.4 x 22 x 15 cm
Einband: kartoniertes Buch

Beschreibung

Alternative modelling formalisations, such as differential equations and statistical analysis, imposes many restrictions, such as homogeneity, anonymity and perfectly rational. Agent-based modelling and simulations provide a new modelling formalisation approach that relaxes some or all those restrictions. Two agent-based systems are developed to study theories of decentralised, individualistic, boundedly rational, complex behaviour and nonlinear stochastic systems. The first ACE model presents an ACE to study demand- pull and cost-push inflation. Moreover, it studies the effect of different levels of rationality on Macro-Activities for Economic Systems. The second ACE model studies the Lucas-Island model. Specifically, it studies the behaviour of the central bank to stabilise inflation and output. Three different economic models are studied. Simulations show that there is a positive relationship between the equilibrium price and level of rationality while there is a negative relationship with the unemployment rate.

Autorenportrait

I have a PhD in computer Science, University of Kent, UK. I am working a lecturer, Faculty of Economics and Political Science, Cairo University, Egypt