An Agent-Based Approach to Classical Competitive Prices
An Agent-Based Approach to Classical Competitive Prices
复制标题
基于代理的经典竞争价格方法
DOI：
10.1007/978-3-030-96188-6_11
复制
发表时间：
2022
期刊：
影响因子：
--
通讯作者：
Yoshihara Naoki
中科院分区：
文献类型：
--
作者：
Cogliano Jonathan F.;Veneziani Roberto;Yoshihara Naoki
This paper develops a novel agent-based computational simulation of the classical competitive process and price formation. The simulation consists of many capitalists who make decisions of how to allocate capital across industries, and workers who sell their labour-power to capitalists. Capitalists make independent decisions of which good(s) to produce and engage in decentralised exchange with one another to obtain other goods needed for future production. Decisions of how to allocate capital across sectors are based on comparisons of capitalists’ individual profit rates to industry averages. The ongoing migration of capital across industries captures key elements of the classical competitive process and formation of long-period competitive prices as centres of gravity for the movement of market prices. The simulation approach allows for a detailed study of the range of exchange dynamics and allocation decisions that are consistent with the formation of classical competitive prices, and adds further detail to the received theory of the classical long-period equilibrium.
