EnglishThis is a comment on Gintis (2007, 'The Dynamics of General Equilibrium', Economic Journal 117 (523) , 1280–1309), who provides an agent-based model of a Walrasian economy where the tâtonnement is replaced by imitation. His simulations show that the economy converges to the Walrasian equilibrium. Gintis concludes that 1) his stability results provide some justification for the importance placed upon the Walrasian model, and 2) models allowing agents to imitate successful others lead to an economy with a reasonable level of stability and efficiency. Since these conclusions appear to be intended as general, we caution that Gintis's findings can only be accepted for Walrasian models without capital goods; in models with capital goods imitation-based adjustments alter the equilibrium's data (which makes the demonstration of stability impossible) and raise other important problems (absent from Gintis's simulations) still awaiting exploration.
A Comment On Gintis's "The Dynamics of General Equilibrium" / Bilancini, Ennio; Petri, F.. - In: ECONOMICS BULLETIN. - ISSN 1545-2921. - ELETTRONICO. - 2(2008), pp. 1-7.
| Data di pubblicazione: | 2008 |
| Titolo: | A Comment On Gintis's "The Dynamics of General Equilibrium" |
| Autore/i: | Bilancini, Ennio; Petri, F. |
| Autore/i UNIMORE: | |
| Rivista: | |
| Volume: | 2 |
| Pagina iniziale: | 1 |
| Pagina finale: | 7 |
| Citazione: | A Comment On Gintis's "The Dynamics of General Equilibrium" / Bilancini, Ennio; Petri, F.. - In: ECONOMICS BULLETIN. - ISSN 1545-2921. - ELETTRONICO. - 2(2008), pp. 1-7. |
| Tipologia | Articolo su rivista |
File in questo prodotto:
| File | Descrizione | Tipologia | |
|---|---|---|---|
| bi-eb1.pdf | Post-print dell'autore (bozza post referaggio) | Administrator Richiedi una copia |
I documenti presenti in Iris Unimore sono rilasciati con licenza Creative Commons Attribuzione - Non commerciale - Non opere derivate 3.0 Italia, salvo diversa indicazione.
In caso di violazione di copyright, contattare Supporto Iris
Copyright © 2021