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ASPEN: A Microsimulation Model of the Economy

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  • Basu, N
  • Pryor, R
  • Quint, T
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    Abstract

    In this report we present ASPEN, a new agent-based microeconomic simulation model of the U.S. economy being developed at Sandia National Laboratories (SNL). The model is notable because it allows a large number of individual economic agents to be modeled at a high level of detail and with a great degree of freedom. Some of the features of ASPEN are (a) a sophisticated message-passing system which allows individual pairs of agents to communicate with one another, (b) the use of genetic algorithms to simulate certain agents' learning, and (c) a detailed financial sector which includes a banking system and a bond market. Results from runs of the model are also presented. Citation Copyright 1998 by Kluwer Academic Publishers.

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    Bibliographic Info

    Article provided by Society for Computational Economics in its journal Computational Economics.

    Volume (Year): 12 (1998)
    Issue (Month): 3 (December)
    Pages: 223-41

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    Handle: RePEc:kap:compec:v:12:y:1998:i:3:p:223-41

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    Cited by:
    1. van de Ven, J., 2001. "Simulating Cohort Earnings for Australia," Department of Economics - Working Papers Series 780, The University of Melbourne.
    2. Howitt, Peter, 2012. "What have central bankers learned from modern macroeconomic theory?," Journal of Macroeconomics, Elsevier, vol. 34(1), pages 11-22.
    3. Cincotti, Silvano & Raberto, Marco & Teglio, Andrea, 2010. "Credit money and macroeconomic instability in the agent-based model and simulator Eurace," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 4(26), pages 1-32.
    4. van de Ven, J., 2001. "Simulating Cohort Demographic Characteristics for Australia," Department of Economics - Working Papers Series 779, The University of Melbourne.
    5. Marco Raberto & Andrea Teglio & Silvano Cincotti, 2008. "Integrating Real and Financial Markets in an Agent-Based Economic Model: An Application to Monetary Policy Design," Computational Economics, Society for Computational Economics, vol. 32(1), pages 147-162, September.
    6. James Sprigg & Mark Ehlen, 2007. "Comparative dynamics in an overlapping-generations model: the effects of quasi-rational discrete choice on finding and maintaining Nash equilibrium," Computational Economics, Society for Computational Economics, vol. 29(1), pages 69-96, February.

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