气候变化领域集成服务门户(CCPortal): Emergent inequality and business cycles in a simple behavioral macroeconomic model

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DOI	10.1073/pnas.2025721118
	Emergent inequality and business cycles in a simple behavioral macroeconomic model
	Asano Y.M.; Kolb J.J.; Heitzig J.; Farmer J.D.
发表日期	2021
ISSN	0027-8424
卷号	118 期号:27
英文摘要	Standard macroeconomic models assume that households are rational in the sense that they are perfect utility maximizers and explain economic dynamics in terms of shocks that drive the economy away from the steady state. Here we build on a standard macroeconomic model in which a single rational representative household makes a savings decision of how much to consume or invest. In our model, households are myopic boundedly rational heterogeneous agents embedded in a social network. From time to time each household updates its savings rate by copying the savings rate of its neighbor with the highest consumption. If the updating time is short, the economy is stuck in a poverty trap, but for longer updating times economic output approaches its optimal value, and we observe a critical transition to an economy with irregular endogenous oscillations in economic output, resembling a business cycle. In this regime households divide into two groups: poor households with low savings rates and rich households with high savings rates. Thus, inequality and economic dynamics both occur spontaneously as a consequence of imperfect household decision-making. Adding a few “rational” agents with a fixed savings rate equal to the long-term optimum allows us to match business cycle timescales. Our work here supports an alternative program of research that substitutes utility maximization for behaviorally grounded decision-making. © 2021 National Academy of Sciences. All rights reserved.
英文关键词	Computational simulation; Endogenous business cycles; Social learning
语种	英语
来源期刊	Proceedings of the National Academy of Sciences of the United States of America
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/238693
作者单位	Department of Engineering Science, University of Oxford, Oxford, OX1 3PJ, United Kingdom; FutureLab on Game Theory and Networks of Interacting Agents, Potsdam Institute for Climate Impact Research, Potsdam, D-14412, Germany; Business Administration and Economics, FernUniversität in Hagen, Hagen, D-58097, Germany; Department of Physics, Humboldt-Universität zu Berlin, Berlin, D-10099, Germany; Institute for New Economic Thinking, The Oxford Martin School, University of Oxford, Oxford, OX1 3UQ, United Kingdom; Mathematical Institute, University of Oxford, Oxford, OX2 6GG, United Kingdom; Santa Fe Institute, Santa Fe, NM 87501, United States
推荐引用方式 GB/T 7714	Asano Y.M.,Kolb J.J.,Heitzig J.,et al. Emergent inequality and business cycles in a simple behavioral macroeconomic model[J],2021,118(27).
APA	Asano Y.M.,Kolb J.J.,Heitzig J.,&Farmer J.D..(2021).Emergent inequality and business cycles in a simple behavioral macroeconomic model.Proceedings of the National Academy of Sciences of the United States of America,118(27).
MLA	Asano Y.M.,et al."Emergent inequality and business cycles in a simple behavioral macroeconomic model".Proceedings of the National Academy of Sciences of the United States of America 118.27(2021).