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