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Time in discrete agent-based models of socio-economic systems

Author

Listed:
  • Nicola Botta

    (PIK - Potsdam Institute for Climate Impact Research)

  • Antoine Mandel

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Cezar Ionescu

    (PIK - Potsdam Institute for Climate Impact Research)

Abstract

We formulate the problem of computing time in discrete dynamical agent-based models in the context of socio-economic modeling. For such formulation, we outline a simple solution. This requires minimal extensions of the original untimed model. The proposed solution relies on the notion of agent-specific schedules of action and on two modeling assumptions. These are fulfilled by most models of pratical interest. For models for which stronger assumptions can be made, we discuss alternative formulations.

Suggested Citation

  • Nicola Botta & Antoine Mandel & Cezar Ionescu, 2010. "Time in discrete agent-based models of socio-economic systems," Post-Print halshs-00542250, HAL.
    • Handle: RePEc:hal:journl:halshs-00542250
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00542250
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    References listed on IDEAS

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    1. Dosi, Giovanni & Fagiolo, Giorgio & Roventini, Andrea, 2010. "Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 34(9), pages 1748-1767, September.
    2. Christophe Deissenberg & Sander van Der Hoog & Herbert Dawid, 2008. "EURACE: A Massively Parallel Agent-Based Model of the European Economy," Working Papers halshs-00339756, HAL.
    3. Herbert Gintis, 2007. "The Dynamics of General Equilibrium," Economic Journal, Royal Economic Society, vol. 117(523), pages 1280-1309, October.
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    More about this item

    Keywords

    Agent-based models; time; Modèles multi-agents; temps;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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