A new approach to business fluctuations: heterogeneous interacting agents, scaling laws and financial fragility

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dc.creatorGatti, Domenico Delli
dc.creatorDi Guilmi, Corrado
dc.creatorGaffeo, Edoardo
dc.creatorGiulioni, Gianfranco
dc.creatorGallegati, Mauro
dc.creatorPalestrini, Antonio
dc.date2003-12-03
dc.date.accessioned2026-07-07T02:55:10Z
dc.date.available2026-07-07T02:55:10Z
dc.descriptionIn this paper we discuss a scaling approach to business fluctuations. Our starting point consists in recognizing that concepts and methods derived from physics have allowed economists to (re)discover a set of stylized facts which have to be satisfactorily accounted for in their models. Standard macroeconomics, based on a reductionist approach centered on the representative agent, is definitely badly equipped for this task. On the contrary, we show that a simple financial fragility agent-based model, based on complex interactions of heterogeneous agents, is able to replicate a large number of scaling type stylized facts with a remarkable high degree of statistical precision.
dc.description35 pages. Accepted by "Journal of Economic Behaviour and Organisation"
dc.identifierhttps://arxiv.org/abs/cond-mat/0312096
dc.identifierhttp://arxiv.org/abs/cond-mat/0312096
dc.identifier.urihttp://salesiana.dossiersoluciones.com/handle/123456789/22840
dc.subjectCondensed Matter
dc.titleA new approach to business fluctuations: heterogeneous interacting agents, scaling laws and financial fragility
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