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Long-Term Economic Outcome

  • Tim Gooding
Chapter

Abstract

It is a fact that using a ‘living’ population in a model introduces a number of complexities. But is this complication necessary for a sound economic analysis? Common sense tells us that the economy will affect the population, and the population will affect the economy. This chapter explores the outcome of identical processes applied to eternal agents (those used in almost all other economic models) and that of ‘living’ population. The experiments show that introducing a living population shifts several economic graphs. This result suggests that long-term economic outcomes or narratives cannot be determined with confidence in models using eternal agents or eternal populations.

Keywords

Living agents Eternal agents Long-term economic outcomes Evolution Mutation Evolutionary prerequisites Agent-based model Netlogo Metaphoria model 

References

  1. Epstein, J., & Axtell, R. (1996). Growing artificial societies: Social sciences from the bottom up. Washington, DC: MIT Press.CrossRefGoogle Scholar
  2. Hamill, L., & Gilbert, N. (2016). Agent-based modelling in economics. Hoboken, UK: Wiley.Google Scholar
  3. Hartley, J. E. (2002). The representative agent in macroeconomics. London: Routledge.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Tim Gooding
    • 1
  1. 1.Kingston UniversityKingston upon ThamesUK

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