stylized facts and multiple realizability in econophysics

stylized facts and multiple realizability in econophysics

;Christophe Schinckus
international journal of aerospace engineering 2014 Vol. 4 pp. 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.

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0x95644003c57E6F55A65596E3D9Eac6813e3566dA
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242894
Unique Identifier:
10.1016/j.rinp.2014.08.001
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