Complex dynamics and empirical evidence

Domenico Delli Gatti; Edoardo Gaffeo; Gianfranco Giulioni; Mauro Gallegati; Alan Kirman; Antonio Palestrini; Alberto Russo

doi:10.1117/12.619472

23 May 2005 Complex dynamics and empirical evidence (Invited Paper)

Domenico Delli Gatti, Edoardo Gaffeo, Gianfranco Giulioni, Mauro Gallegati, Alan Kirman, Antonio Palestrini, Alberto Russo

Author Affiliations +

Proceedings Volume 5848, Noise and Fluctuations in Econophysics and Finance; (2005) https://doi.org/10.1117/12.619472
Event: SPIE Third International Symposium on Fluctuations and Noise, 2005, Austin, Texas, United States

Abstract

Standard macroeconomics, based on a reductionist approach centered on the representative agent, is badly equipped to explain the empirical evidence where heterogeneity and industrial dynamics are the rule. In this paper we show that a simple agent-based model of heterogeneous financially fragile agents is able to replicate a large number of scaling type stylized facts with a remarkable degree of statistical precision.

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Domenico Delli Gatti, Edoardo Gaffeo, Gianfranco Giulioni, Mauro Gallegati, Alan Kirman, Antonio Palestrini, and Alberto Russo "Complex dynamics and empirical evidence (Invited Paper)", Proc. SPIE 5848, Noise and Fluctuations in Econophysics and Finance, (23 May 2005); https://doi.org/10.1117/12.619472

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