Working Paper Number
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 state-space modeling with its respect for historical process, for cause leading to effect without top-down imposition of global constraints. If economic modelers truly wish to respect the rationality of decision-makers, they should have the courage of their convictions; they should not be doing for their modeled decision-makers what in reality these decision-makers must do for themselves.
Forthcoming in Eastern Economic Journal.
A23, B4, C6
Latest revision: 22 February 2016. Original Version released February 2014. Revised on August 2014.
Tesfatsion, Leigh, "Elements of dynamic economic modeling: presentation and analysis" (2016). Economics Working Papers (2002–2016). 19.