Predicting and decomposing why representative agent and heterogeneous agent models sometimes diverge
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DOI: 10.1016/j.econmod.2021.105528
Abstract: Abstract Heterogeneous agent (HA) and representative agent (RA) models often give very different answers to important economic questions, even when studying the same phenomenon with the otherwise identical assumptions. There are a variety of reasons… read more here.
Keywords: agent models; representative agent; agent; model ... See more keywords