By Roger A. McCain (auth.)
Agent-Based laptop Simulation of Dichotomous financial Growth studies a undertaking in agent-based machine stimulation of techniques of monetary progress in a inhabitants of boundedly rational studying brokers.
The learn is an workout in comparative simulation. that's, an analogous family members of development types might be simulated less than diverse assumptions in regards to the nature of the training procedure and information of the construction and progress procedures. the aim of this approach is to set up a dating among the assumptions and the simulation effects.
The examine brings jointly a couple of theoretical and technical advancements, just some of that could be everyday to any specific reader. during this first bankruptcy, a few concerns in financial progress are reviewed and the goals of the research are defined. within the moment bankruptcy, the simulation ideas are brought and illustrated with baseline simulations of boundedly rational studying procedures that don't contain the problems of facing long-run financial development. The 3rd bankruptcy sketches the consensus glossy idea of monetary development that's the start line for extra learn. within the fourth bankruptcy, a family members of regular progress types are simulated, bringing the simulation, development and studying elements of the examine jointly. In next chapters, versions at the development version are explored similarly. The 9th bankruptcy introduces alternate, with a spacial buying and selling version that's mixed with the expansion version within the 10th bankruptcy.
The publication returns time and again to the major query: to what quantity can the simulations `explain' the puzzles of financial progress, and especially the foremost puzzle of dichotomization, by way of developing progress and studying methods that produce the complicated effects? And simply what assumptions of the simulations are such a lot predictable linked to the confusing results?
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Extra resources for Agent-Based Computer Simulation of Dichotomous Economic Growth
The representativeness of this one simulation is reinforced by comparisons across simulations in the series. In Figure 4-7A we see the growth results for the five simulations in this series taken together, coded as indicated by figure 4-4B. Comparing with Figure 4-SA, it appears that the initializations have, in this case, greater influence on the results. This is confirmed by Figure 4-7E, which shows convergence in the propensity to form human capital. While the convergence has been quite swift in each case (compare Figure 4-SF) the brief periods in which simulations 3 and S have had faster growth of human capital have given them an advantage that the other simulations never overcome.
20 -r--,----,----,----, 0 . ,+r-r-T""T-hn-T""T-hrrr-r-l 50 100 100 150 200 Fic .... 4-11E. r'.... or th. i", to Fo ... H .... Capital Ia th. lado •• 5 GROWTH WITH NON-UNITARY ELASTICITIES OF SUBSTITUTION Models of economic growth attempt to explain broad trends in economic development by the interaction and accumulation of inputs, subject to such basic principles as diminishing returns. In practice, a very large proportion of this literature, from Solow's epochal paper (1956) to the 1990's, has relied on the CobbDouglas production function, and the studies reported in the previous chapters have followed this tradition.
But, when we look at surface plots from those cases. we see some distinctive and somewhat surprising patterns. When we combine local learning with a global externality, we see some degree of dichotomization. The surface shown in Figure 5-8A is a relatively extreme example. 73.