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representative-agent model, in which a single agent serves as a proxy for many different agents.
J. Doyne Farmer • Making Sense of Chaos: A Better Economics for a Better World
the economy suddenly starts to oscillate.
J. Doyne Farmer • Making Sense of Chaos: A Better Economics for a Better World
Dynamic Stochastic General Equilibrium (DSGE)
J. Doyne Farmer • Making Sense of Chaos: A Better Economics for a Better World
‘Homo economicus’,
J. Doyne Farmer • Making Sense of Chaos: A Better Economics for a Better World
more sensible explanations for how the economy changes from within itself.
J. Doyne Farmer • Making Sense of Chaos: A Better Economics for a Better World
In February 1992, he unveiled the Nordhaus model, DICE, which stands for Dynamic Integrated Climate Economy.
J. Doyne Farmer • Making Sense of Chaos: A Better Economics for a Better World
only 35 per cent of the improvements in a typical industry come from within the industry itself.
J. Doyne Farmer • Making Sense of Chaos: A Better Economics for a Better World
he observed that whenever the cumulative production of a given type of airplane from a given factory doubled, its cost of production dropped by about 20 per cent.