Economic growth and individual satisfaction in an agent-based economy

Silvestre, J.; Araújo, Tanya; St. Aubyn, Miguel

http://hdl.handle.net/10400.5/12201

Use this identifier to reference this record.

Name:	Description:	Size:	Format:
wp192016DEUECE.pdf		305.59 KB	Adobe PDF	Download

Send Feedback

Authors

Silvestre, J.

Araújo, Tanya

St. Aubyn, Miguel

Abstract(s)

Macro and micro-economic perspectives are combined in an eco- nomic growth model. An agent-based modeling approach is used to develop an overlapping generation framework where endogenous growth is supported by work- ers that decide to study depending on their relative (skilled and unskilled) indi- vidual satisfaction. The micro perspective is based on individual satisfaction: an utility function computed from the variation of the relative income in both space and time. The macro perspective emerges from micro decisions, and, as in other growth models of this type, concerns an important allocative social decision the share of the working population that is engaged in producing ideas (skilled work- ers). Simulations show that production and satisfaction levels are higher when the evolution of income measured in both space and time are equally weighted.

Keywords

Agent Modeling Education Heterogeneous Human Capital Economic Growth Individual Satisfaction

URI

http://hdl.handle.net/10400.5/12201

Citation

Silvestre, J., Tanya Araújo e Miguel St. Aubyn .2016. "Economic growth and individual satisfaction in an agent-based economy". Instituto Superior de Economia e Gestão. DE Working papers nº 19-2016/DE