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Interaction and markets

In: Beyond the Representative Agent

Author

Listed:
  • Alan Kirman

Abstract

This challenging book extends standard economic theory to take into account the presence of heterogeneity among economic agents. It argues for an approach to economic analysis which regards the economy as an interactive system with heterogeneous agents and not simply a system which treats aggregates as some ‘representative’ individual.

Suggested Citation

  • Alan Kirman, 1999. "Interaction and markets," Chapters, in: Mauro Gallegati & Alan Kirman (ed.), Beyond the Representative Agent, chapter 1, pages 1-44, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:1375_1
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    Cited by:

    1. Kaizoji, Taisei & Leiss, Matthias & Saichev, Alexander & Sornette, Didier, 2015. "Super-exponential endogenous bubbles in an equilibrium model of fundamentalist and chartist traders," Journal of Economic Behavior & Organization, Elsevier, vol. 112(C), pages 289-310.
    2. Cars H. Hommes, 2009. "Bounded Rationality and Learning in Complex Markets," Chapters, in: J. Barkley Rosser Jr. (ed.), Handbook of Research on Complexity, chapter 5, Edward Elgar Publishing.
    3. Hommes, Cars & Sonnemans, Joep & Tuinstra, Jan & Van De Velden, Henk, 2007. "Learning In Cobweb Experiments," Macroeconomic Dynamics, Cambridge University Press, vol. 11(S1), pages 8-33, November.
    4. Olivier Guedj & Jean-Philippe Bouchaud, 2004. "Experts' earning forecasts: bias, herding and gossamer information," Science & Finance (CFM) working paper archive 500062, Science & Finance, Capital Fund Management.
    5. Bernard Paulré, 2001. "Enjeux et dilemmes de l'économie cognitive," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00135486, HAL.
    6. Sean Holly & Emiliano Santoro, 2007. "Financial Fragility, Heterogeneous Firms and the Cross Section of the Business Cycle," Money Macro and Finance (MMF) Research Group Conference 2006 96, Money Macro and Finance Research Group.
    7. Sandro Sapio, 2004. "Markets Design, Bidding Rules, and Long Memory in Electricity Prices," Revue d'Économie Industrielle, Programme National Persée, vol. 107(1), pages 151-170.
    8. Rama CONT & Jean-Philippe BOUCHAUD, 1997. "Herd behavior and aggregate fluctuations in financial markets," Finance 9712008, University Library of Munich, Germany, revised 06 Jan 1998.
    9. Domenico Colucci & Vincenzo Valori, 2004. "Generalised Fading Memory Learning in a Cobweb Model: some evidence," Computing in Economics and Finance 2004 272, Society for Computational Economics.
    10. T. Kaizoji & M. Leiss & A. Saichev & D. Sornette, 2011. "Super-exponential endogenous bubbles in an equilibrium model of rational and noise traders," Papers 1109.4726, arXiv.org, revised Mar 2014.
    11. Rama Cont & Jean-Philippe Bouchaud, 1997. "Herd behavior and aggregate fluctuations in financial markets," Science & Finance (CFM) working paper archive 500028, Science & Finance, Capital Fund Management.
    12. Alexandre Steyer & Jean-Benoît Zimmermann, 1998. "Étude empirique de l'influence sociale dans les phénomènes de diffusion : l'exemple du câble et du fax en France," Économie et Prévision, Programme National Persée, vol. 135(4), pages 109-119.
    13. Assenza, T. & Delli Gatti, D. & Gallegati, M., 2007. "Heterogeneity and Aggregation in a Financial Accelerator Model," CeNDEF Working Papers 07-13, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
    14. Jaime Lozano, 1999. "Economía institucional y ciencia económica," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 1(1), pages 99-128, July-dece.
    15. Bernard Paulré, 2001. "Enjeux et dilemmes de l'économie cognitive," Working Papers halshs-00135486, HAL.

    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • C0 - Mathematical and Quantitative Methods - - General
    • D0 - Microeconomics - - General
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium

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