Thursday, November 17, 2016

Towards curing tunnel vision with ABMs

Here are some extracts from the article citing Haldane's recent remarks: 

“One of the potential failings of the economics profession is that it may have borrowed too little from other disciplines -- a methodological mono-culture,” he said in a speechon Thursday in Cambridge, England.

Contrasting ABM models with traditional micro-founded economic ones, Haldane said the big picture usually looks very different from the small one.
“Aggregating from the microscopic to the macroscopic is very unlikely to give sensible insights into real world behavior, for the same reason the behavior of a single neuron is uninformative about the threat of nuclear winter.”

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