Multiagent Model of Economic Evolution: Analysis of Sensitivity of Trajectory
Journal Title: Бізнес Інформ - Year 2015, Vol 4, Issue 0
Abstract
On the basis of the postulates of evolutionary economics, hypotheses of model of economic agents interaction have been formulated, which are formalized by the following set of assumptions: release of agents is described with the Cobb-Douglas production functions; only the economic agents with sufficient investment means may become innovators; agents interact, buy and sell technologies; agents that do not have sufficient amount of capital, pass away; successful economic agents can «spawn a child» and allocate it to the technology and production factors. Based on the listed assumptions, a multiagent model of economic evolution has been developed in the NetLogo software environment. A series of experiments with the model were carried out to analyze the sensitivity of trajectories of total release of agents to the changes in exogenous variables: the initial number of agents, prices of technology, upper limit of capital, with reaching of which agent will be capable of becoming an innovator or «spawn a child», and lower limit of capital, with reaching of which agent passes away. Conclusions about the generated model modes of economic evolution have been drawn. Type of functional dependency between the average value of the absolute growth of aggregate release and values of exogenous parameters of the model has been determined. Practical significance of the constructed evolutionary model of interaction of economic agents is represented by the possibility to analyze the impact of technological development on the nature and pace of macroeconomic dynamics.
Authors and Affiliations
Kateryna Kononova, Elvira Kovpak, Petro Sukhomlyn
Keywords
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