Agent-based Modeling and Institutional Design
AbstractThe recent economic crisis has led to calls for a comprehensive restructuring of energy, financial, health care, and educational systems. Critics worry that the restructuring of these complex institutional arrangements could produce adverse unintended consequences. Given these concerns, pre-testing of proposed changes is eminently desirable but also exceedingly difficult. This essay focuses on the potential use of agent-based modeling for studying proposed changes in institutional arrangements in advance of actual implementation. Ongoing agent-based research on the restructuring of electric power markets is used for concrete illustration.
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal Eastern Economic Journal.
Volume (Year): 37 (2011)
Issue (Month): 1 ()
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Web page: http://www.palgrave-journals.com/
Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK
Other versions of this item:
- Tesfatsion, Leigh, 2011. "Agent-Based Modeling and Institutional Design," Staff General Research Papers, Iowa State University, Department of Economics 32765, Iowa State University, Department of Economics.
- C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
- L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
- Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
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