Modeling Economic Systems as Locally-Constructive Sequential Games

@inproceedings{Tesfatsion2017ModelingES,
  title={Modeling Economic Systems as Locally-Constructive Sequential Games},
  author={Leigh Tesfatsion},
  year={2017}
}
Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these properties imply real… CONTINUE READING