Zoekopdracht:
faculteit: "FEB" en publicatiejaar: "2008"
| Auteurs | Y. Algan, O. Allais, W.J. den Haan | | Titel | Solving heterogenous-agent models with parameterized cross-sectional distributions |
| Tijdschrift | Journal of Economic Dynamics & Control |
| Jaargang | 32 |
| Jaar | 2008 |
| Nummer | 3 |
| Pagina's | 875-908 |
| ISSN | 01651889 |
| Faculteit | Faculteit Economie en Bedrijfskunde |
| Instituut/afd. | FEB: Research Institute in Economics and Econometrics Amsterdam (RESAM) |
| Samenvatting | A new algorithm is developed to solve models with heterogeneous agents and aggregate uncertainty. Projection methods are the main building blocks of the algorithm and – in contrast to the most popular solution procedure – simulations only play a very minor role. The paper also develops a new simulation procedure that not only avoids cross-sectional sampling variation but is 10 (66) times faster than simulating an economy with 10,000 (100,000) agents. Because it avoids cross-sectional sampling variation, it can generate an accurate representation of the whole cross-sectional distribution. Finally, the paper outlines a set of accuracy tests. |
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