Corpus ID: 16893719

Scale Invariance, Bounded Rationality and Non-Equilibrium Economics

@article{Vazquez2009ScaleIB,
  title={Scale Invariance, Bounded Rationality and Non-Equilibrium Economics},
  author={Samuel Enrique Vazquez},
  journal={arXiv: Trading and Market Microstructure},
  year={2009}
}
  • Samuel Enrique Vazquez
  • Published 2009
  • Economics
  • arXiv: Trading and Market Microstructure
  • We study a class of heterogeneous agent-based models which are based on a basic set of principles, and the most fundamental operations of an economic system: trade and product transformations. A basic guiding principle is scale invariance, which means that the dynamics of the economy should not depend on the units used to measure the different products. We develop the idea of a "near-equilibrium" expansion which allow us to study the dynamics of fluctuations around economic equilibrium. This is… CONTINUE READING

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