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Exploring a New ExpAce: The Complementarities between Experimental Economics and Agent-based Computational Economics

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Author Info

  • Bruno Contini
  • Roberto Leombruni
  • Matteo Richiardi

Abstract

What is the relationship, if any, between Experimental Economics and Agent-based Computational Economics? Experimental Economics (EXP) investigates individual behaviour (and the emergence of aggregate regularities) by means of human subject experiments. Agent-based Computational Economics (ACE), on the other hand, studies the relationships between the micro and the macro level with the aid of artificial experiments. Note that the way ACE makes use of experiments to formulate theories is indeed similar to the way EXP does. The question we want to address is whether they can complement and integrate with each other. What can Agent-based computational Economics give to, and take from, Experimental Economics? Can they help and sustain each other, and ultimately gain space out of their restricted respective niches of practitioners? We believe that the answer to all these questions is yes: there can be and there should be profitable “contaminations” in both directions, of which we provide a first comprehensive discussion.

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Bibliographic Info

Paper provided by LABORatorio R. Revelli, Centre for Employment Studies in its series LABORatorio R. Revelli Working Papers Series with number 45.

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Length: 9 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:cca:wplabo:45

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Related research

Keywords: Experimental Economics; Agent-based Computational Economics; Agent-Based Models; Simulation.;

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Cited by:
  1. Grazzini, J., 2011. "Experimental Based, Agent Based Stock Market," CeNDEF Working Papers 11-07, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
  2. Jason Shachat & J. Todd Swarthout, 2011. "Learning about learning in games through experimental control of strategic interdependence," Working Papers 1103, Xiamen Unversity, The Wang Yanan Institute for Studies in Economics, Finance and Economics Experimental Laboratory, revised 28 Apr 2011.

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