Business Cycle in a Macromodel with Oligopoly and Agents’ Heterogeneity: An Agent-Based Approach View Full Text


Ontology type: schema:ScholarlyArticle      Open Access: True


Article Info

DATE

2017-06-09

AUTHORS

Marco Mazzoli, Matteo Morini, Pietro Terna

ABSTRACT

This paper introduces a macromodel with oligopoly and entry/exit in a framework where individuals are heterogeneous in their budget constraints, since they can be workers, new entrant entrepreneurs, incumbent entrepreneurs or unemployed and may change their status due to a stochastic process, associated to entry and exit. Agents’ heterogeneity is explicitly modelled in the aggregate demand, that also accounts for the income distribution. Heterogeneity also plays a relevant role in the process of entry/exit in the goods market, which interacts with the labour market and generates macroeconomic fluctuations. As shown in the agent-based numerical simulation, the model provides a new interpretation of the business cycle and an explanation for the empirical phenomenon of countercyclical mark up. More... »

PAGES

389-417

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/s40797-017-0058-y

DOI

http://dx.doi.org/10.1007/s40797-017-0058-y

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1085937726


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