LAP Lambert Academic Publishing ( 2011-01-20 )
€ 79,00
Alternative modelling formalisations, such as differential equations and statistical analysis, imposes many restrictions, such as homogeneity, anonymity and perfectly rational. Agent-based modelling and simulations provide a new modelling formalisation approach that relaxes some or all those restrictions. Two agent-based systems are developed to study theories of decentralised, individualistic, boundedly rational, complex behaviour and nonlinear stochastic systems. The first ACE model presents an ACE to study demand- pull and cost-push inflation. Moreover, it studies the effect of different levels of rationality on Macro-Activities for Economic Systems. The second ACE model studies the Lucas-Island model. Specifically, it studies the behaviour of the central bank to stabilise inflation and output. Three different economic models are studied. Simulations show that there is a positive relationship between the equilibrium price and level of rationality while there is a negative relationship with the unemployment rate.
Book Details: |
|
ISBN-13: |
978-3-8433-8922-8 |
ISBN-10: |
3843389225 |
EAN: |
9783843389228 |
Book language: |
English |
By (author) : |
Ahmed Okasha |
Number of pages: |
228 |
Published on: |
2011-01-20 |
Category: |
Informatics |