By Roger A. McCain (auth.)
Agent-Based laptop Simulation of Dichotomous fiscal Growth experiences a undertaking in agent-based laptop stimulation of procedures of monetary progress in a inhabitants of boundedly rational studying brokers.
The examine is an workout in comparative simulation. that's, an analogous relations of progress versions might be simulated less than various assumptions in regards to the nature of the training approach and information of the creation and progress strategies. the aim of this process is to set up a dating among the assumptions and the simulation effects.
The research brings jointly a few theoretical and technical advancements, just some of that may be widely used to any specific reader. during this first bankruptcy, a few concerns in monetary progress are reviewed and the goals of the learn are defined. within the moment bankruptcy, the simulation options are brought and illustrated with baseline simulations of boundedly rational studying strategies that don't contain the issues of facing long-run monetary development. The 3rd bankruptcy sketches the consensus sleek conception of monetary development that is the place to begin for extra research. within the fourth bankruptcy, a relations of regular development versions are simulated, bringing the simulation, progress and studying elements of the learn jointly. In next chapters, versions at the development version are explored similarly. The 9th bankruptcy introduces exchange, with a spacial buying and selling version that's mixed with the expansion version within the 10th bankruptcy.
The publication returns repeatedly to the most important query: to what volume can the simulations `explain' the puzzles of monetary progress, and especially the main puzzle of dichotomization, by means of developing progress and studying strategies that produce the complicated effects? And simply what assumptions of the simulations are so much predictable linked to the difficult results?
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Additional resources for Agent-Based Computer Simulation of Dichotomous Economic Growth
Compare Figures 4-SF, G). RESULTS: OTHER CASES The other simulations will be reported in somewhat less detail. In the simulations with global learning and global externalities, as expected, there is rapid convergence but no dichotomization whatever. 93. 93. The evolution of dichotomization and overall divergence is shown in figure 5-7A. In that figure, the NMD is shown in gray and the standard deviation of production in black. In brief, neither dichotomization nor divergence develops in this simulation, and this result is characteristic of this series of simulations as a whole, as indicated by comparison with Figures 5-7C and 5-7D.
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This sort of reasoning, too, is excluded by the assumption of a unitary elasticity of demand. Finally, Duffy and Papageorgiou observe that, with an elasticity of substitution greater than one, endogenous growth becomes a possibility in a two-factor growth model, and they provide some evidence from a cross-country study that the elasticity of substitution of capital for labor (with or without adjustment for human capital) is indeed greater than one. In Mankiw, Romer, and Weil and a number of other papers, and in earlier chapters in this book, steady-state endogenous growth processes are modeled with production according to a Cobb-Douglas production function with and 5-2.
Agent-Based Computer Simulation of Dichotomous Economic Growth by Roger A. McCain (auth.)