Chapter 32 Out-of-Equilibrium Economics and Agent-Based Modeling

摘要: Abstract Standard neoclassical economics asks what agents' actions, strategies, or expectations are in equilibrium with (consistent with) the outcome pattern these behaviors aggregatively create. Agent-based computational enables us to ask a wider question: how might react to—might endogenously change with—the patterns they In other words, it examine economy behaves out of equilibrium, when is not at steady state. This out-of-equilibrium approach minor adjunct standard economic theory; done more general way. When examined sometimes simplify into simple, homogeneous economics; but just as often show perpetually novel and complex behavior. The static suffers two characteristic indeterminacies: cannot easily resolve among multiple equilibria; nor can model individuals' choices expectations. Both problems ones formation (of an “ecology” expectations, respectively), analyzed formation—that is, equilibrium—these anomalies disappear.