Neoclassical influences in Agent-Based literature: a systematic review

13 October 2021, Journal of Economic Surveys (OPEN ACCESS)

Brancaccio, E., Gallegati, M., Giammetti, R. (2021). Neoclassical influences in Agent-Based literature: a systematic review, Journal of Economic Surveys. First published online: 13 October 2021. DOI: 10.1111/joes.12470.

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.

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