Agent-Based Computational Economics

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


Wikimedia Foundation. 2010.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • Computational economics — Economics …   Wikipedia

  • Agent-based model — An agent based model (ABM) (also sometimes related to the term multi agent system or multi agent simulation) is a class of computational models for simulating the actions and interactions of autonomous agents (both individual or collective… …   Wikipedia

  • Comparison of agent-based modeling software — In the last few years, the agent based modeling (ABM) community has developed several practical agent based modeling toolkits that enable individuals to develop agent based applications. More and more such toolkits are coming into existence, and… …   Wikipedia

  • Agent (economics) — In economics, an agent is an actor and decision maker in a model. Typically, every agent makes decisions by solving a well or ill defined optimization/choice problem. The term agent can also be seen as equivalent to player in game theory. For… …   Wikipedia

  • Agent — An agent is either: * an entity who is capable of action * someone (or something) who acts on behalf of another person.In law* Agent (law): a person authorised to act on behalf of another person ** Patent agent, or patent attorney, a professional …   Wikipedia

  • Mathematical economics — Economics …   Wikipedia

  • Computational sociology — Sociology …   Wikipedia

  • Complexity economics — Economics …   Wikipedia

  • List of economics topics — This aims to be a complete list of the articles on economics. It does not include articles about economists, who are listed in the list of economists. NOTOC A * Accounting Accounting reform Actuary Adaptive expectations Adverse selection Agent… …   Wikipedia

  • Genetic algorithm in economics — Genetic algorithms are used to model the learning behaviour of economic agents. The term genetic algorithm is often abbreviated as GA. The genetic algorithm is a particular class of evolutionary algorithm inspired by evolutionary biology. A… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”