Elements of Dynamic Economic Modeling: Presentation and Analysis
Journal or Book Title
Eastern Economic Journal
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.
A23, B4, C6
Tesfatsion, Leigh, "Elements of Dynamic Economic Modeling: Presentation and Analysis" (2016). Economics Publications. 334.