Individual satisfaction and economic growth in an agent-based economy
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/29447 |
Resumo: | We combine macro and microeconomic perspectives in an agent-based endogenous growth model that uses individual satisfaction as a driver of human capital accumulation. The micro perspective is based on individual satisfaction: an utility function computed from the income variation in space (relative to others) and time. The macro perspective emerges from micro decisions that, at an aggregate level, determine an important social decision about the share of the working population engaged in producing ideas (i.e. skilled workers). Underlying our analysis is the Easterlin hypothesis (Easterlin, in: David, Melvin (eds) Nations and households in economic growth: essays in Honor of Moses Abramowitz, Academic Press, New York, 1974, J Econ Behav Organ 27(1):35–47, 1995) which states that individuals care much more about their relative income than about increases in their own income, weakening the link between growth and income. Simulations show that growth and satisfaction levels are higher when relative and absolute incomes are equally weighted in satisfaction computation and are lower when satisfaction only depends on relative incomes. |
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Individual satisfaction and economic growth in an agent-based economyAgent ModelingEducationHuman CapitalEconomic GrowthIndividual SatisfactionWe combine macro and microeconomic perspectives in an agent-based endogenous growth model that uses individual satisfaction as a driver of human capital accumulation. The micro perspective is based on individual satisfaction: an utility function computed from the income variation in space (relative to others) and time. The macro perspective emerges from micro decisions that, at an aggregate level, determine an important social decision about the share of the working population engaged in producing ideas (i.e. skilled workers). Underlying our analysis is the Easterlin hypothesis (Easterlin, in: David, Melvin (eds) Nations and households in economic growth: essays in Honor of Moses Abramowitz, Academic Press, New York, 1974, J Econ Behav Organ 27(1):35–47, 1995) which states that individuals care much more about their relative income than about increases in their own income, weakening the link between growth and income. Simulations show that growth and satisfaction levels are higher when relative and absolute incomes are equally weighted in satisfaction computation and are lower when satisfaction only depends on relative incomes.Springer NatureRepositório da Universidade de LisboaSilvestre, JoãoAraújo, TanyaSt. Aubyn, Miguel2023-11-20T12:16:02Z20192019-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/29447engSilvestre, Tanya Araújo and Miguel St. Aubyn .(2019). “Individual satisfaction and economic growth in an agent-based economy”. Computational Economics, Volume 54: pp. 893–903. (Search PDF in 2023), Computational Economics Volume 54: pp. 893–903. (Search PDF in 2023).doi.org/10.1007/s10614-018-9855-0info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-26T01:31:50Zoai:www.repository.utl.pt:10400.5/29447Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T23:19:47.474984Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Individual satisfaction and economic growth in an agent-based economy |
title |
Individual satisfaction and economic growth in an agent-based economy |
spellingShingle |
Individual satisfaction and economic growth in an agent-based economy Silvestre, João Agent Modeling Education Human Capital Economic Growth Individual Satisfaction |
title_short |
Individual satisfaction and economic growth in an agent-based economy |
title_full |
Individual satisfaction and economic growth in an agent-based economy |
title_fullStr |
Individual satisfaction and economic growth in an agent-based economy |
title_full_unstemmed |
Individual satisfaction and economic growth in an agent-based economy |
title_sort |
Individual satisfaction and economic growth in an agent-based economy |
author |
Silvestre, João |
author_facet |
Silvestre, João Araújo, Tanya St. Aubyn, Miguel |
author_role |
author |
author2 |
Araújo, Tanya St. Aubyn, Miguel |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Silvestre, João Araújo, Tanya St. Aubyn, Miguel |
dc.subject.por.fl_str_mv |
Agent Modeling Education Human Capital Economic Growth Individual Satisfaction |
topic |
Agent Modeling Education Human Capital Economic Growth Individual Satisfaction |
description |
We combine macro and microeconomic perspectives in an agent-based endogenous growth model that uses individual satisfaction as a driver of human capital accumulation. The micro perspective is based on individual satisfaction: an utility function computed from the income variation in space (relative to others) and time. The macro perspective emerges from micro decisions that, at an aggregate level, determine an important social decision about the share of the working population engaged in producing ideas (i.e. skilled workers). Underlying our analysis is the Easterlin hypothesis (Easterlin, in: David, Melvin (eds) Nations and households in economic growth: essays in Honor of Moses Abramowitz, Academic Press, New York, 1974, J Econ Behav Organ 27(1):35–47, 1995) which states that individuals care much more about their relative income than about increases in their own income, weakening the link between growth and income. Simulations show that growth and satisfaction levels are higher when relative and absolute incomes are equally weighted in satisfaction computation and are lower when satisfaction only depends on relative incomes. |
publishDate |
2019 |
dc.date.none.fl_str_mv |
2019 2019-01-01T00:00:00Z 2023-11-20T12:16:02Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/29447 |
url |
http://hdl.handle.net/10400.5/29447 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Silvestre, Tanya Araújo and Miguel St. Aubyn .(2019). “Individual satisfaction and economic growth in an agent-based economy”. Computational Economics, Volume 54: pp. 893–903. (Search PDF in 2023), Computational Economics Volume 54: pp. 893–903. (Search PDF in 2023). doi.org/10.1007/s10614-018-9855-0 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Springer Nature |
publisher.none.fl_str_mv |
Springer Nature |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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