Complex network effects on price setting: an agent-based computational approach

• Published in: Estudos econômicos - Instituto de Pesquisas Econômicas Vol. 53; no. 1; pp. 7 - 40
• Main Authors: Feltrin, Rafael Jasper, Almeida, Helberte João França, Silveira, Jaylson Jair da
• Format: Journal Article
• Language: English
• Published: Departamento de Economia; Faculdade de Economia, Administração, Contabilidade e Atuária da Universidade de São Paulo (FEA-USP) 01.03.2023
• Subjects: ECONOMICS; Formação de preços; Modelos baseado em agentes; Redes completas; Complex networks; Agent-based model; Price setting

Abstract We present an adaptation of a new Keynesian model into an agent-based computational model, accounting for the importance of heterogeneity, interaction and bounded rationality in problems such as price setting and expectations formation. We evaluate the evolution of the distribution of price...