Publication: An agent-based simulation of the stolper–samuelson effect
An agent-based simulation of the stolper–samuelson effect
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Meisser, L., & Kreuser, C. F. (2017). An agent-based simulation of the stolper–samuelson effect. Computational Economics, 50(4), 533–547. https://doi.org/10.1007/s10614-016-9616-x
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We demonstrate that agent-based simulations can exhibit results in line with classic macroeconomic theory. In particular, we present an agent-based simulation of an Arrow–Debreu economy that accurately exhibits the Stolper–Samuelson effect as an emergent property. Absent of a Walrasian auctioneer or any other central coordination, we let firm and consumer agents of different types interact in an open, money-driven market. Exogenous preference shocks result in price and wage shifts that are in accordance with the general equilibrium so
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- Meisser, Luzius
- Kreuser, C Friedrich
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Meisser, L., & Kreuser, C. F. (2017). An agent-based simulation of the stolper–samuelson effect. Computational Economics, 50(4), 533–547. https://doi.org/10.1007/s10614-016-9616-x
