Agent-Based Computational Economics

Agent-based Computational Economics (ACE) is the computational study of economic processes modeled as dynamic systems of interacting agents.

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. [ [http://www.socsci.aau.dk/ae2006/ Summary of methods] : "Department of Economics, Politics and Public Administration, Aalborg University, Denmark" website.]

ACE is an officially designated Special Interest Group (SIG) of the Society for Computational Economics. [ [http://comp-econ.org/ Society for Computational Economics] website.] Researchers at the Santa Fe Institute have contributed to the development of ACE.

ee also

* Computational economics
* Agent based model
* Multi-agent system
* Model (macroeconomics)

References

Print

*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.
*John Duffy (2006), ' [http://www.pitt.edu/~jduffy/papers/duffy2006.pdf 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.

Internet

External links

* [http://www.econ.iastate.edu/tesfatsi/ace.htm Agent Based Computational Economics] - Leigh Tesfatsion's website on ACE at Iowa State University
* [http://www.mkimura.com/wikipedia/UseOfABM_RS.pdf The Use of Agent-Based Models in Regional Science] - a study on agent-based models to simulate urban agglomeration