A note on observational equivalence of micro assumptions on macro level

Alexey A. Ponomarenko

The author sets up a simplistic agent-based model where agents learn with reinforcement observing an incomplete set of variables. The model is employed to generate an artificial dataset that is used to estimate standard macro econometric models. The author shows that the results are qualitatively indistinguishable (in terms of the signs and significances of the coefficients and impulse-responses) from the results obtained with a dataset that emerges in a genuinely rational system.

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Year of publication:	October 21, 2019
Authors:	Ponomarenko, Alexey
Publisher:	[Kiel] : Kiel Institute for the World Economy
Subject:	Microfoundations \| bounded rationality \| reinforcement learning \| agent-based model \| Begrenzte Rationalität \| Bounded rationality \| Theorie \| Theory \| Agentenbasierte Modellierung \| Agent-based modeling \| Lernprozess \| Learning process \| Mikrofundierung

Extent:	1 Online-Ressource (circa 13 Seiten)
Series:	Economics / Discussion paper ; no. 2019, 51 (October 21, 2019)
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Aufsatz in Zeitschrift ; Article in journal
Language:	English
Research data:	https://doi.org/10.7910/DVN/MWELOD
Other identifiers:	hdl:10419/206608 [Handle]
Classification:	B41 - Economic Methodology ; C63 - Computational Techniques ; D83 - Search, Learning, Information and Knowledge
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012120029