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...
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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 |
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| Online Access: | https://doi.org/10.5018/economics-ejournal.ja.2020-3 |