Eastern Economic Journal

, Volume 34, Issue 4, pp 441–463 | Cite as

Adaptive Microfoundations for Emergent Macroeconomics

  • Edoardo Gaffeo
  • Domenico Delli Gatti
  • Saul Desiderio
  • Mauro Gallegati
Symposium Article

Abstract

In this paper we present the basics of a research program aimed at providing microfoundations to macroeconomic theory on the basis of computational agent-based adaptive descriptions of individual behavior. To exemplify our proposal, a simple prototype model of decentralized multi-market transactions is offered. We show that a very simple agent-based computational laboratory can challenge more structured Dynamic Stochastic General Equilibrium models in mimicking comovements over the business cycle.

Keywords

microfoundations of macroeconomics agent-based economics adaptive behavior 

JEL Classifications

C63 E10 O11 

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Copyright information

© Eastern Economic Association 2008

Authors and Affiliations

  • Edoardo Gaffeo
    • 1
  • Domenico Delli Gatti
    • 2
  • Saul Desiderio
    • 3
  • Mauro Gallegati
    • 3
  1. 1.Department of Economics and CEELUniversity of TrentoTrentoItaly
  2. 2.Institute of Economic Theory and Quantitative Methods, Catholic University of MilanMilanItaly
  3. 3.Department of EconomicsUniversità Politecnica delle MarcheAnconaItaly

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