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SOE: Fachverband Physik sozio-ökonomischer Systeme

SOE 13: Economic Models I

SOE 13.2: Vortrag

Mittwoch, 9. März 2016, 10:30–10:45, H36

The Convergence to General Equilibrium in an Agent-Based Model in Continuous Time — •Oliver Richters — International Economics, Carl von Ossietzky University Oldenburg

General Constrained Dynamic Models (GCDM) have been proposed as a meta theory of economic models. This contribution studies the capacities of this approach to reproduce General Equilibrium Models that are at the core of today's macroeconomic research. They attempt to provide a set of prices leading to an equilibrium of supply and demand on interacting markets.

The models are formulated such that a unique, stable equilibrium exists and deviations can be treated in linear order. They generally rely on some form of representative agent `mean field' hypothesis, because given heterogeneity in preferences and endowment among agents, multiple equilibria may exist. Within these models, spontaneous emergence of extreme events or endogenous instabilities are impossible.

Most models assume that the price determination process happens instantly and trade `at wrong prices' is absent. The contribution shows that this assumption can be dropped, leading to a path dependend convergence path.