A note on observational equivalence of micro assumptions on macro level
The author set up a simplistic agent-based model where agents learn with reinforcement observing an incomplete set of variables. The model is employed to generate an artificial dataset that is used to estimate standard macro econometric models. The author shows that the results are qualitatively ind...
| Main Author: | |
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| Format: | Article |
| Language: | English |
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De Gruyter
2020-12-01
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| Series: | Economics: Journal Articles |
| Subjects: | |
| Online Access: | https://doi.org/10.5018/economics-ejournal.ja.2020-3 |
| _version_ | 1811227258627555328 |
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| author | Ponomarenko Alexey A. |
| author_facet | Ponomarenko Alexey A. |
| author_sort | Ponomarenko Alexey A. |
| collection | DOAJ |
| description | The author set up a simplistic agent-based model where agents learn with reinforcement observing an incomplete set of variables. The model is employed to generate an artificial dataset that is used to estimate standard macro econometric models. The author shows that the results are qualitatively indistinguishable (in terms of the signs and significances of the coefficients and impulse-responses) from the results obtained with a dataset that emerges in a genuinely rational system. |
| first_indexed | 2024-04-12T09:39:35Z |
| format | Article |
| id | doaj.art-05f573713f38410299b94c15d061f7cb |
| institution | Directory Open Access Journal |
| issn | 1864-6042 |
| language | English |
| last_indexed | 2024-04-12T09:39:35Z |
| publishDate | 2020-12-01 |
| publisher | De Gruyter |
| record_format | Article |
| series | Economics: Journal Articles |
| spelling | doaj.art-05f573713f38410299b94c15d061f7cb2022-12-22T03:38:07ZengDe GruyterEconomics: Journal Articles1864-60422020-12-0114110.5018/economics-ejournal.ja.2020-3A note on observational equivalence of micro assumptions on macro levelPonomarenko Alexey A.0Bank of Russia, MoscowThe author set up a simplistic agent-based model where agents learn with reinforcement observing an incomplete set of variables. The model is employed to generate an artificial dataset that is used to estimate standard macro econometric models. The author shows that the results are qualitatively indistinguishable (in terms of the signs and significances of the coefficients and impulse-responses) from the results obtained with a dataset that emerges in a genuinely rational system.https://doi.org/10.5018/economics-ejournal.ja.2020-3microfoundationsbounded rationalityreinforcement learningagent-based modelb41c63d83 |
| spellingShingle | Ponomarenko Alexey A. A note on observational equivalence of micro assumptions on macro level Economics: Journal Articles microfoundations bounded rationality reinforcement learning agent-based model b41 c63 d83 |
| title | A note on observational equivalence of micro assumptions on macro level |
| title_full | A note on observational equivalence of micro assumptions on macro level |
| title_fullStr | A note on observational equivalence of micro assumptions on macro level |
| title_full_unstemmed | A note on observational equivalence of micro assumptions on macro level |
| title_short | A note on observational equivalence of micro assumptions on macro level |
| title_sort | note on observational equivalence of micro assumptions on macro level |
| topic | microfoundations bounded rationality reinforcement learning agent-based model b41 c63 d83 |
| url | https://doi.org/10.5018/economics-ejournal.ja.2020-3 |
| work_keys_str_mv | AT ponomarenkoalexeya anoteonobservationalequivalenceofmicroassumptionsonmacrolevel AT ponomarenkoalexeya noteonobservationalequivalenceofmicroassumptionsonmacrolevel |