Agent-based Computational Economics (ACE) is the computational study of economic processes modeled as dynamic systems of interacting agents.
Contents |
Overview
The "agents" in ACE models can represent individuals (e.g. people), social groupings (e.g. firms), biological entities (e.g. growing crops), and/or physical systems (e.g. transport systems). It fosters a culture-dish approach to the study of economic systems.
The ACE modeler provides the initial configuration of a computational economic system comprising multiple interacting agents. The modeler then steps back to observe the development of the system over time without further intervention. In particular, system events should be driven by agent interactions without external imposition of equilibrium conditions.[1]
ACE is an officially designated Special Interest Group (SIG) of the Society for Computational Economics.[2] Researchers at the Santa Fe Institute have contributed to the development of ACE.
See also
- Computational economics
- Agent based model
- Multi-agent system
- Model (macroeconomics)
- Agent-based Computational macroeconomics
References
- Mark Buchanan (2009), 'Meltdown modelling. Could agent-based computer models prevent another financial crisis?.' Nature, Vol. 460, No. 7256. (05 August 2009), pp. 680-682.
- John Duffy (2006), 'Agent-based models and human subject experiments.' Ch. 19 of L. Tesfatsion and K.L. Judd, eds., Handbook of Computational Economics, Vol. 2 (Amsterdam: Elsevier, 2006), pp. 949-1011.
- J. Doyne Farmer, Duncan Foley (2009), 'The economy needs agent-based modelling.' Nature, Vol. 460, No. 7256. (05 August 2009), pp. 685-686.
- Industry and Labor Dynamics: The Agent-Based Computational Economics Approach, by Roberto Leombruni & Matteo Richiardi, World Scientific Publishing 2004 ISBN 9812561005.
- Sheri Markose, Jasmina Arifovic, and Shyam Sunder (2007), 'Advances in experimental and agent-based modelling: Asset markets, economic networks, computational mechanism design, and evolutionary game dynamics.' Journal of Economic Dynamics and Control 31, pp. 1801-07.
- Shoham, Yoav, and Kevin Leyton-Brown, "Multiagent Systems: Algorithmic, Game-Theoretic, and Logical Foundations". Cambridge University Press, 2009.
Internet
- ^ Summary of methods: Department of Economics, Politics and Public Administration, Aalborg University, Denmark website.
- ^ Society for Computational Economics website.
External links
- Agent Based Computational Economics - Leigh Tesfatsion's website on ACE at Iowa State University
- JAMEL (a Java Agent-based MacroEconomic Laboratory) - An on-line, interactive agent-based macroeconomic model
- The Use of Agent-Based Models in Regional Science - a study on agent-based models to simulate urban agglomeration
 |
This article related to macroeconomics is a stub. You can help Wikipedia by expanding it. |
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
