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Books > Business & Economics > Economics > Macroeconomics
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Complex Agent-Based Models (Hardcover, 1st ed. 2018)
Loot Price: R2,927
Discovery Miles 29 270
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Complex Agent-Based Models (Hardcover, 1st ed. 2018)
Series: New Economic Windows
Expected to ship within 10 - 15 working days
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This book offers a thorough introduction to the highly promising
complex agent-based approach to economics, in which agent-based
models (ABMs) are used to represent economic systems as complex and
evolving systems composed of heterogeneous agents of limited
rationality who interact with each other, generating the system's
emergent properties in the process. This approach represents a
response to the limitations of the dominant theory in economics,
which does not consider the possibility of a major crisis, and to
the inability of dynamic stochastic general equilibrium theory to
generate empirically falsifiable propositions. In the new
perspective, the focus is on identifying the elements of
instability rather than the triggering event. As the theory of
complexity demonstrates, the interactions of heterogeneous agents
produce non-linearity: this puts an end to the age of certainties.
With ABMs, the methodology is "from the bottom up". The individual
parameters and their distribution are estimated, and then evaluated
to verify whether aggregate regularities emerge on the whole. In
short, not only micro, but also meso and macro empirical validation
are employed. Moreover, it shows that the mantra of growth should
be supplanted by the concept of a growth . Given its depth of
coverage, the book will enable students at the undergraduate and
Master's level to gain a firm grasp of this important emerging
approach. "This book is flower blossomed by one of the two greatest
Italian economists." Bruce Greenwald, Columbia University "The
author's - the ABM prophet's - thoughts on economics have been at
the forefront of the world. Without a firm belief in and dedication
to human society, it is impossible to write such a book. This is a
work of high academic value, which can help readers quickly
understand the history and current situation of complex economic
theory. In particular, we can understand the basic viewpoints,
academic status, advantages and shortcomings of various schools of
economic theory." Jie Wu, Guangzhou Milestone Software Co., China
General
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