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

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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," Documents de travail du Centre d'Economie de la Sorbonne 10076, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    • Handle: RePEc:mse:cesdoc:10076
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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;

    JEL classification:

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

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