By Roger A. McCain (auth.)
Agent-Based machine Simulation of Dichotomous fiscal Growth stories a venture in agent-based desktop stimulation of approaches of monetary development in a inhabitants of boundedly rational studying brokers.
The learn is an workout in comparative simulation. that's, an identical family members of development types might be simulated less than various assumptions in regards to the nature of the educational method and information of the creation and development tactics. the aim of this approach is to set up a dating among the assumptions and the simulation effects.
The learn brings jointly a couple of theoretical and technical advancements, just some of that could be widespread to any specific reader. during this first bankruptcy, a few concerns in fiscal progress are reviewed and the goals of the research are defined. within the moment bankruptcy, the simulation thoughts are brought and illustrated with baseline simulations of boundedly rational studying approaches that don't contain the issues of facing long-run monetary progress. The 3rd bankruptcy sketches the consensus sleek thought of monetary progress that's the start line for extra examine. within the fourth bankruptcy, a kinfolk of regular progress versions are simulated, bringing the simulation, progress and studying facets of the learn jointly. In next chapters, editions at the development version are explored similarly. The 9th bankruptcy introduces exchange, with a spacial buying and selling version that's mixed with the expansion version within the 10th bankruptcy.
The booklet returns repeatedly to the most important query: to what volume can the simulations `explain' the puzzles of monetary development, and especially the most important puzzle of dichotomization, by means of developing development and studying methods that produce the perplexing effects? And simply what assumptions of the simulations are so much predictable linked to the perplexing results?
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Additional resources for Agent-Based Computer Simulation of Dichotomous Economic Growth
F'ust, so 1ong as ~O . dv ' proportIonate Illcreases III. th e two sector III inputs for human capital production -- v and H*t-l -- will produce more than proportionate increases in output. Second, human capital is non-exclusive: the same human capital that enhances the productivity of an agent's labor in tangible goods production in the one period also enhances production of human capital in the next period, including that of neighbors if there are externalities. Now suppose the proportion of labor allocated to formation of human capital, v, is constant and the proportion of tangible output devoted to capital formation, s, is also constant.
J<:::--=>-""f'=--, 0 . 0 + . . . . j -0 . 2 . , . . - - . ,,"'--;I---+--4-----t . . . . j ~ . 0 Fipare l-2. 0 FilW'e 3-3. 2 ........ 0 -0. 8 3-5. 0 -0. 0 4 SIMULATIONS OF STEADY ECONOMIC GROWTH WITH A COBB-DOUGLAS PRODUCTION FUNCTION We now proceed to examine results from some models with steady growth, based on the growth model discussed in the previous chapter. Throughout, of course, we are especially concerned with the conditions in the comparative simulation study that give rise to dichotomous growth.
Looking back at Chapter 4, we see that the parallel -simulations show greater and more persistent dichotomization than the Cobb-Douglas simulations. This is seen in the plots of the NMD (compare Figure 4-SD), and seems (to my eye, at least) evident also in the surface plots as shown. Divergence shows a quite different pattern, rising rapidly and then declining a bit more gradually III those simulations that develop early dichotomization. No such pattern exists in the Cobb-Douglas simulations. (Compare Figure 4-SE).
Agent-Based Computer Simulation of Dichotomous Economic Growth by Roger A. McCain (auth.)