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In traditional economics models of perfect competition agent's interactions are all mediated through the market. Interactions are anonymous, global and indirect. This is a powerful model, but we see many instances in which one, and sometimes all, of the previous characteristics fail to hold true. The type of agent you are, or your identity, can affect the type of interaction we have, and most sureley the relationship between micro-behaviour and macro phenomena in non-trivial ways. This book contains a selction of papers presented at the 6th Workshop on Economics with Heterogenous Interacting Agents (WEHIA). The contributions show that work done in other fields like evolutionary biology, statistical mechanics, social network theory and other help to understand the way in which also economic systems operate. Virtually all of the papers presented in this volume draw on some aspect or other of these varied approaches to related problems.
List of contents
I. Learning, Adaptation and Complex Dynamics.- Heterogeneous, Boundedly Rational Agents in the Cournot Duopoly.- Adaptive Coordination and Aggregate Efficiency in Minority Games.- Heterogeneous Models with Learning and Homoclinic Bifurcations.- Learning to Compete and Coordinate in a Complex World.- A Model of Distributed Markets with Heterogeneous Agents.- II. Micro Foundations of Macro Behaviour.- An Exact Physical Approach to Market Participation Models.- Financial Fragility, Heterogeneous Agents' Interaction, and Aggregate Dynamics.- Heterogeneous Interacting Economic Agents and Stochastic Games.- Modeling Behavioral Heterogeneity in Demand Theory.- III. Social Interactions and Networks.- The Joint Dynamics of Networks and Knowledge.- Stable Hedonic Networks.- A Dynamic Model of Job Networking and Persistent Inequality.- Bandwagon Effects on Female Labour Force Participation: An Application to the Netherlands.- Interacting Agents and Continuous Opinions Dynamics.- IV. Finance.- An Interacting-Agent Model of Financial Crises.- Mean Field Effects and Interaction Cycles in Financial Markets.- The Genoa Artificial Stock Market: Microstructure and Simulations.- V. Growth and Dynamics.- A Simple Quantity Adjustment Model of Economic Fluctuations and Growth.- The Phillips Curve as an Attractor in a Dynamic Macroeconomic Model.- Technical Progress in a Dynamic Input-Output Model with Heterogenous Labour.
Summary
In traditional economics models of perfect competition agent's interactions are all mediated through the market. Interactions are anonymous, global and indirect. This is a powerful model, but we see many instances in which one, and sometimes all, of the previous characteristics fail to hold true. The type of agent you are, or your identity, can affect the type of interaction we have, and most surely the relationship between micro-behaviour and macro-phenomena in non-trivial ways. This book contains a selection of papers presented at the 6th Workshop on Economics with Heterogenous Interacting Agents (WEHIA). The contributions show that work done in other fields like evolutionary biology, statistical mechanics, social network theory and others help us to understand the way in which economic systems operate. Virtually all of the papers presented in this volume draw on some aspect or other of these varied approaches to related problems.
Additional text
From the reviews:
"This volume is a collection of papers presented at the sixth annual Workshop on Economics with Heterogeneous Interacting Agents (WEHIA) that was held in Maastricht. … A nice aspect of this … book is that at several points the reader gets a direct comparison of substantially different approaches to develop models that deal with similar economic issues. … Overall, this is a very interesting and useful book. The editors have been successful in attracting a strong group of active and original contributors … ." (Herbert Dawid, Journal of Economic Behavior and Organization, June, 2005)
Report
From the reviews:
"This volume is a collection of papers presented at the sixth annual Workshop on Economics with Heterogeneous Interacting Agents (WEHIA) that was held in Maastricht. ... A nice aspect of this ... book is that at several points the reader gets a direct comparison of substantially different approaches to develop models that deal with similar economic issues. ... Overall, this is a very interesting and useful book. The editors have been successful in attracting a strong group of active and original contributors ... ." (Herbert Dawid, Journal of Economic Behavior and Organization, June, 2005)
