23 May 2005 Complex dynamics and empirical evidence (Invited Paper)
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
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.
© (2005) COPYRIGHT Society of Photo-Optical Instrumentation Engineers (SPIE). Downloading of the abstract is permitted for personal use only.
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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