The representation of the economic system, from a complexity perspective, focuses on interactions among heterogeneous agents in conditions of uncertainty. Heterogeneity entails asymmetric reactions to shocks and, through interaction mechanisms and feedback loops at micro, macro and meso level,...

The paper proposes an innovative approach for the analytical solution of agent-based models. The approach is termed Dynamic Stochastic Generalized Aggregation (DSG-A) and is tested on a macroeconomic model articulated in a job and in a goods markets with a large number of heterogeneous and...

The representation of the economic system, from a complexity perspective, focuses on interactions among heterogeneous agents in conditions of uncertainty. Heterogeneity entails asymmetric reactions to shocks and, through interaction mechanisms and feedback loops at micro, macro and meso level,...

We show that an economic system populated by multiple agents generates an equilibrium distribution in the form of multiple scaling laws of conditional probability density functions, which are sufficient for characterizing the probability distribution. The existence of the double scaling law is...

Labor and productivity play central roles in the aging population problem in all developed countries. The understanding of labor allocation among different productivity levels is required for policy issues, specifically, the dynamics of how workers are allocated and reallocated among sectors. We...