Several studies highlight that the method and the object of analysis of Agent-Based models are in various respects in stark contrast to the prevailing neoclassical paradigm and therefore should be included in the traditions of alternative economic thought. In this paper, however, we show that distinctive features of the neoclassical theory can be found in most of the AB literature. Through a systematic review of most cited academic papers published in the period 1996–2019 and dedicated to Agent-Based models, we show that a “neoclassical influence” can be detected in 61% of papers, while only 39% do not have links with the mainstream neoclassical approach. We also note that after the “great recession” started in 2008 the neoclassical influences on AB literature decline to a significant extent.

Neoclassical influences in agent-based literature: A systematic review

Raffaele Giammetti
2021-01-01

Abstract

Several studies highlight that the method and the object of analysis of Agent-Based models are in various respects in stark contrast to the prevailing neoclassical paradigm and therefore should be included in the traditions of alternative economic thought. In this paper, however, we show that distinctive features of the neoclassical theory can be found in most of the AB literature. Through a systematic review of most cited academic papers published in the period 1996–2019 and dedicated to Agent-Based models, we show that a “neoclassical influence” can be detected in 61% of papers, while only 39% do not have links with the mainstream neoclassical approach. We also note that after the “great recession” started in 2008 the neoclassical influences on AB literature decline to a significant extent.
File in questo prodotto:
File Dimensione Formato  
joes.12470.pdf

accesso aperto

Descrizione: Articolo in rivista
Tipologia: Documento in Post-print
Licenza: Creative commons
Dimensione 663.37 kB
Formato Adobe PDF
663.37 kB Adobe PDF Visualizza/Apri

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11580/94727
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus ND
social impact