Saver types: an evolutionary-adaptive approach = Megtakarítás adaptív-evolúciós megközelítésben

Gespeichert in:

Personen und Körperschaften:	Varga, Gergely (VerfasserIn), Vincze, János (VerfasserIn)
Titel:	Saver types: an evolutionary-adaptive approach = Megtakarítás adaptív-evolúciós megközelítésben/ authors: Gergely Varga (assistant lecturer, Corvinus University of Budapest), János Vincze (research advisor, Centre for Economic and Regional Studies of the Hungarian Academy of Sciences, Institute of Economics, and Corvinus University of Budapest)
Medientyp:	E-Book
Sprache:	Englisch
veröffentlicht:	Budapest Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences January 2017
Gesamtaufnahme:	Közgazdaságtudományi Intézet: Mu̐helytanulmányok ; MT-DP - 2017, 2
Schlagwörter:	Arbeitspapier Online-Publikation
Quelle:	Verbunddaten SWB Lizenzfreie Online-Ressourcen


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245	1	0	\|a Saver types \|b an evolutionary-adaptive approach = Megtakarítás adaptív-evolúciós megközelítésben \|c authors: Gergely Varga (assistant lecturer, Corvinus University of Budapest), János Vincze (research advisor, Centre for Economic and Regional Studies of the Hungarian Academy of Sciences, Institute of Economics, and Corvinus University of Budapest)
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520			\|a We set up an agent-based macromodel focusing on consumption-saving without the assumption of utility maximization, but preserving certain "rational" aspects of human choice based on the idea of ecological rationality Todd et al. (2012). In this framework we address the classical problem of the efficiency of long-run capital accumulation. Three qualitatively different saving strategies are defined: 1. buffer stock saving (prudent and forward looking), 2. permanent income saving (forward looking without prudence), and 3. myopic saving (caring only about immediate consumption, and saving accidentally). In the model these types (that have subtypes depending on continuous parameters) may coexist, and we explore their respective survival chances by conducting simulations. It is found that prudent saving behavior becomes prevalent when the selection pressure is very high, but an economy comprising only prudent households tends to accumulate capital in excess of what is implied by the Golden Rule. As selection pressure is reduced, myopic consumers appear, and under very low selection pressure the distribution of the main saver types becomes almost random. A seemingly puzzling fact emerges: the economy gets close to the Golden Rule of capital accumulation via endogenous selection of subtypes in a way that can be interpreted as "perverse exploitation", i.e. the exploitation of the rich by the poor. In other words, lowering the intensity of evolutionary forces, that results in more diversity in saver types, may be socially beneficial. Crickets may be useful for society as a whole, including prudent and cautious ants.
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author	Varga, Gergely, Vincze, János
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contents	We set up an agent-based macromodel focusing on consumption-saving without the assumption of utility maximization, but preserving certain "rational" aspects of human choice based on the idea of ecological rationality Todd et al. (2012). In this framework we address the classical problem of the efficiency of long-run capital accumulation. Three qualitatively different saving strategies are defined: 1. buffer stock saving (prudent and forward looking), 2. permanent income saving (forward looking without prudence), and 3. myopic saving (caring only about immediate consumption, and saving accidentally). In the model these types (that have subtypes depending on continuous parameters) may coexist, and we explore their respective survival chances by conducting simulations. It is found that prudent saving behavior becomes prevalent when the selection pressure is very high, but an economy comprising only prudent households tends to accumulate capital in excess of what is implied by the Golden Rule. As selection pressure is reduced, myopic consumers appear, and under very low selection pressure the distribution of the main saver types becomes almost random. A seemingly puzzling fact emerges: the economy gets close to the Golden Rule of capital accumulation via endogenous selection of subtypes in a way that can be interpreted as "perverse exploitation", i.e. the exploitation of the rich by the poor. In other words, lowering the intensity of evolutionary forces, that results in more diversity in saver types, may be socially beneficial. Crickets may be useful for society as a whole, including prudent and cautious ants.
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spelling	Varga, Gergely VerfasserIn aut, Saver types an evolutionary-adaptive approach = Megtakarítás adaptív-evolúciós megközelítésben authors: Gergely Varga (assistant lecturer, Corvinus University of Budapest), János Vincze (research advisor, Centre for Economic and Regional Studies of the Hungarian Academy of Sciences, Institute of Economics, and Corvinus University of Budapest), Megtakarítás adaptív-evolúciós megközelítésben, Budapest Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences January 2017, 1 Online-Ressource (circa 29 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Discussion papers / Centre for Economic and Regional Studies, Hungarian Academy of Sciences MT-DP - 2017, 2, We set up an agent-based macromodel focusing on consumption-saving without the assumption of utility maximization, but preserving certain "rational" aspects of human choice based on the idea of ecological rationality Todd et al. (2012). In this framework we address the classical problem of the efficiency of long-run capital accumulation. Three qualitatively different saving strategies are defined: 1. buffer stock saving (prudent and forward looking), 2. permanent income saving (forward looking without prudence), and 3. myopic saving (caring only about immediate consumption, and saving accidentally). In the model these types (that have subtypes depending on continuous parameters) may coexist, and we explore their respective survival chances by conducting simulations. It is found that prudent saving behavior becomes prevalent when the selection pressure is very high, but an economy comprising only prudent households tends to accumulate capital in excess of what is implied by the Golden Rule. As selection pressure is reduced, myopic consumers appear, and under very low selection pressure the distribution of the main saver types becomes almost random. A seemingly puzzling fact emerges: the economy gets close to the Golden Rule of capital accumulation via endogenous selection of subtypes in a way that can be interpreted as "perverse exploitation", i.e. the exploitation of the rich by the poor. In other words, lowering the intensity of evolutionary forces, that results in more diversity in saver types, may be socially beneficial. Crickets may be useful for society as a whole, including prudent and cautious ants., Arbeitspapier DE-206, Online-Publikation DE-206, Vincze, János 1958- VerfasserIn (DE-588)170931366 (DE-627)061080446 (DE-576)356091546 aut, Közgazdaságtudományi Intézet Mu̐helytanulmányok MT-DP - 2017, 2 20170002 (DE-627)526517883 (DE-576)281336679 (DE-600)2276849-X 1785-377X, http://hdl.handle.net/10419/190463 Resolving-System kostenfrei Volltext, http://econ.core.hu/file/download/mtdp/MTDP1702.pdf Verlag Volltext, http://hdl.handle.net/10419/190463 LFER, LFER 2019-07-22T00:00:00Z
spellingShingle	Varga, Gergely, Vincze, János, Saver types: an evolutionary-adaptive approach = Megtakarítás adaptív-evolúciós megközelítésben, Közgazdaságtudományi Intézet, Mu̐helytanulmányok, MT-DP - 2017, 2, We set up an agent-based macromodel focusing on consumption-saving without the assumption of utility maximization, but preserving certain "rational" aspects of human choice based on the idea of ecological rationality Todd et al. (2012). In this framework we address the classical problem of the efficiency of long-run capital accumulation. Three qualitatively different saving strategies are defined: 1. buffer stock saving (prudent and forward looking), 2. permanent income saving (forward looking without prudence), and 3. myopic saving (caring only about immediate consumption, and saving accidentally). In the model these types (that have subtypes depending on continuous parameters) may coexist, and we explore their respective survival chances by conducting simulations. It is found that prudent saving behavior becomes prevalent when the selection pressure is very high, but an economy comprising only prudent households tends to accumulate capital in excess of what is implied by the Golden Rule. As selection pressure is reduced, myopic consumers appear, and under very low selection pressure the distribution of the main saver types becomes almost random. A seemingly puzzling fact emerges: the economy gets close to the Golden Rule of capital accumulation via endogenous selection of subtypes in a way that can be interpreted as "perverse exploitation", i.e. the exploitation of the rich by the poor. In other words, lowering the intensity of evolutionary forces, that results in more diversity in saver types, may be socially beneficial. Crickets may be useful for society as a whole, including prudent and cautious ants., Arbeitspapier, Online-Publikation
swb_id_str	9877392704
title	Saver types: an evolutionary-adaptive approach = Megtakarítás adaptív-evolúciós megközelítésben
title_alt	Megtakarítás adaptív-evolúciós megközelítésben
title_auth	Saver types an evolutionary-adaptive approach = Megtakarítás adaptív-evolúciós megközelítésben
title_full	Saver types an evolutionary-adaptive approach = Megtakarítás adaptív-evolúciós megközelítésben authors: Gergely Varga (assistant lecturer, Corvinus University of Budapest), János Vincze (research advisor, Centre for Economic and Regional Studies of the Hungarian Academy of Sciences, Institute of Economics, and Corvinus University of Budapest)
title_fullStr	Saver types an evolutionary-adaptive approach = Megtakarítás adaptív-evolúciós megközelítésben authors: Gergely Varga (assistant lecturer, Corvinus University of Budapest), János Vincze (research advisor, Centre for Economic and Regional Studies of the Hungarian Academy of Sciences, Institute of Economics, and Corvinus University of Budapest)
title_full_unstemmed	Saver types an evolutionary-adaptive approach = Megtakarítás adaptív-evolúciós megközelítésben authors: Gergely Varga (assistant lecturer, Corvinus University of Budapest), János Vincze (research advisor, Centre for Economic and Regional Studies of the Hungarian Academy of Sciences, Institute of Economics, and Corvinus University of Budapest)
title_in_hierarchy	MT-DP - 2017, 2. Saver types: an evolutionary-adaptive approach = Megtakarítás adaptív-evolúciós megközelítésben (January 2017)
title_short	Saver types
title_sort	saver types an evolutionary adaptive approach megtakaritas adaptiv evolucios megkozelitesben
title_sub	an evolutionary-adaptive approach = Megtakarítás adaptív-evolúciós megközelítésben
topic	Arbeitspapier, Online-Publikation
topic_facet	Arbeitspapier, Online-Publikation
url	http://hdl.handle.net/10419/190463, http://econ.core.hu/file/download/mtdp/MTDP1702.pdf