IDEAS home Printed from https://ideas.repec.org/p/arx/papers/1009.2721.html
   My bibliography  Save this paper

Convergence of Income Growth Rates in Evolutionary Agent-Based Economics

Author

Listed:
  • Volker Nannen

Abstract

We consider a heterogeneous agent-based economic model where economic agents have strictly bounded rationality and where income allocation strategies evolve through selective imitation. Income is calculated by a Cobb-Douglas type production function, and selection of strategies for imitation depends on the income growth rate they generate. We show that under these conditions, when an agent adopts a new strategy, the effect on its income growth rate is immediately visible to other agents, which allows a group of imitating agents to quickly adapt their strategies when needed.

Suggested Citation

  • Volker Nannen, 2010. "Convergence of Income Growth Rates in Evolutionary Agent-Based Economics," Papers 1009.2721, arXiv.org.
    • Handle: RePEc:arx:papers:1009.2721
    as

    Download full text from publisher

    File URL: http://arxiv.org/pdf/1009.2721
    File Function: Latest version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:pra:mprapa:13818 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arx:papers:1009.2721. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: arXiv administrators (email available below). General contact details of provider: http://arxiv.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.