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Uncertainty, rationality and complexity in a multi-sectoral dynamic model: The dynamic stochastic generalized aggregation approach

Catalano, Michele; Di Guilmi, Corrado


The paper proposes an innovative approach for the analytical solution of agent-based models. The approach is termed dynamic stochastic generalized aggregation (DSGA) and is tested on a macroeconomic model articulated in a job and in a goods markets with a large number of heterogeneous and interacting agents (namely firms and workers). The agents heuristically adapt their expectations by interpreting the signals from the market and give rise to macroeconomic regularities. The model is...[Show more]

CollectionsANU Research Publications
Date published: 2017
Type: Journal article
Source: Journal of Economic Behavior & Organization
DOI: 10.1016/j.jebo.2017.10.006
Access Rights: Open Access


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