stylized facts and multiple realizability in econophysics
;Christophe Schinckus
international journal of aerospace engineering2014Vol. 4pp. 135-136
130
schinckus2014resultsstylized
Abstract
Stylized facts are persistent macro-regularities which cannot be described in terms of microeconomic theory. Through the argument of multiple realizability, this methodological paper claims that a top down agent-based econophysics can contribute to a better understanding of complex economic systems in two ways: on the one hand, it clarifies the gap between micro and macro scales by proving an algorithmic derivability of the latter; and on the other hand, this modelling provides microfoundations (and then potentially an economic meaning) to macro-patterns usually identified in the observation of these complex systems.