Title

Elements of Dynamic Economic Modeling: Presentation and Analysis

Campus Units

Economics

Document Type

Article

Publication Version

Submitted Manuscript

Publication Date

2016

Journal or Book Title

Eastern Economic Journal

DOI

10.1057/eej.2016.2

Abstract

The primary goal of these introductory notes is to promote the clear presentation and rigorous analysis of dynamic economic models, whether expressed in equation or agent-based form. A secondary goal is to promote the use of initial-value state-space modeling with its regard for historical process, for cause leading to effect without the external imposition of global coordination constraints on agent actions. Economists who claim to respect individual rationality should not be doing for their modeled economic agents what in reality these agents must do for themselves.

JEL Classification

A23, B4, C6

Comments

This is a working paper of an article from Eastern Economic Journal (2016): doi:10.1057/eej.2016.2.