Agent-Based Computational Modeling And Macroeconomics

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Agent-Based Computational Modeling And Macroeconomics

Author Info

Tesfatsion, Leigh S.

Additional information is available for the following registered author(s):

Leigh S Tesfatsion

Abstract

Agent-based Computational Economics (ACE) is the computational study of economic processes modeled as dynamic systems of interacting agents. This essay discusses the potential use of ACE modeling tools for the study of macroeconomic systems. Points are illustrated using an ACE model of a two-sector decentralized market economy. Related work can be accessed here: http://www.econ.iastate.edu/tesfatsi/amulmark.htm

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12402.

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Length: 31 pages
Date of creation: 26 Jul 2005
Date of revision:
Handle: RePEc:isu:genres:12402

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Email:
Web page: http://www.econ.iastate.edu
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Find related papers by JEL classification:
B4 - Schools of Economic Thought and Methodology - - Economic Methodology
C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
D4 - Microeconomics - - Market Structure and Pricing
D5 - Microeconomics - - General Equilibrium and Disequilibrium
D6 - Microeconomics - - Welfare Economics
D8 - Microeconomics - - Information, Knowledge, and Uncertainty
L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance

This paper has been announced in the following NEP Reports:

NEP-ALL-2005-10-22 (All new papers)
NEP-CBE-2005-10-22 (Cognitive & Behavioural Economics)
NEP-CMP-2005-10-22 (Computational Economics)
NEP-DGE-2005-10-22 (Dynamic General Equilibrium)
NEP-HPE-2005-10-22 (History & Philosophy of Economics)
NEP-MAC-2005-10-22 (Macroeconomics)

References listed on IDEAS
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Tesfatsion, Leigh S., 2006. "Agent-Based Computational Economics: A Constructive Approach to Economic Theory," Staff General Research Papers 12514, Iowa State University, Department of Economics. [Downloadable!]
Other versions:
- Leigh Tesfatsion, 2006. "Agent-Based Computational Economics: A Constructive Approach to Economic Theory," Computing in Economics and Finance 2006 527, Society for Computational Economics.
- Tesfatsion, Leigh, 2006. "Agent-Based Computational Economics: A Constructive Approach to Economic Theory," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 16, pages 831-880 Elsevier. [Downloadable!] (restricted)
Judd, Kenneth L., 2006. "Computationally Intensive Analyses in Economics," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 17, pages 881-893 Elsevier. [Downloadable!] (restricted)
Epstein, Joshua M., 2006. "Remarks on the Foundations of Agent-Based Generative Social Science," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 34, pages 1585-1604 Elsevier. [Downloadable!] (restricted)
Herbert A. Simon, 1996. "The Sciences of the Artificial, 3rd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691914.
Janssen, Marco A. & Ostrom, Elinor, 2006. "Governing Social-Ecological Systems," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 30, pages 1465-1509 Elsevier. [Downloadable!] (restricted)
repec:cup:macdyn:v:3:y:1999:i:4:p:482-505 is not listed on IDEAS
Tesfatsion, Leigh, 2002. "Agent-Based Computational Economics: Growing Economies from the Bottom Up," Staff General Research Papers 5075, Iowa State University, Department of Economics.
Satyajit Chatterjee & B. Ravikumar & B. Ravikumar, 1997. "Minimum consumptions requirements: theoretical and quantitative implications for growth and distribution," Working Papers 97-15, Federal Reserve Bank of Philadelphia. [Downloadable!]
Other versions:
- Chatterjee, S. & Ravikumar, B., 1997. "Minimum Consumption Requirements: Theoretical and Quantitative Implications for Growth and Distribution," Working Papers 97-15, University of Iowa, Department of Economics.
- Chatterjee, Satyajit & Ravikumar, B., 1999. "Minimum Consumption Requirements: Theoretical And Quantitative Implications For Growth And Distribution," Macroeconomic Dynamics, Cambridge University Press, vol. 3(04), pages 482-505, December. [Downloadable!]
Samuel Bowles & Herbert Gintis, 2000. "Walrasian Economics In Retrospect," The Quarterly Journal of Economics, MIT Press, vol. 115(4), pages 1411-1439, November. [Downloadable!] (restricted)
Other versions:
- Samuel Bowles & Herbert Gintis, 2000. "Walrasian Economics in Retrospect," Working Papers 2000-04, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
Pingle, Mark & Tesfatsion, Leigh, 1998. "Active Intermediation In Overlapping Generations Economies With Production And Unsecured Debt," Macroeconomic Dynamics, Cambridge University Press, vol. 2(02), pages 183-212, June. [Downloadable!]
Other versions:
- Pingle, Mark & Tesfatsion, Leigh, 2001. "Active Intermediation in Overlapping Generations Economies with Production and Unsecured Debt," Staff General Research Papers 1953, Iowa State University, Department of Economics.
- Pingle, M. & Tesfatsion, Leigh, 1998. "Active Intermediation in Overlapping Generations Economies with Production and Unsecured Debt," Staff General Research Papers 1228, Iowa State University, Department of Economics. [Downloadable!]
Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March. [Downloadable!] (restricted)
Pingle, M. & Tesfatsion, Leigh, 1998. "Active Intermediation in an Monetary Overlapping Generations Economy," Staff General Research Papers 1227, Iowa State University, Department of Economics. [Downloadable!]
Other versions:
- Pingle, Mark & Tesfatsion, Leigh, 2001. "Active Intermediation in a Monetary Overlapping Generations Economy," Staff General Research Papers 1954, Iowa State University, Department of Economics. [Downloadable!]
- Pingle, Mark & Tesfatsion, Leigh, 1998. "Active intermediation in a monetary overlapping generations economy1," Journal of Economic Dynamics and Control, Elsevier, vol. 22(10), pages 1543-1574, August. [Downloadable!] (restricted)
Axelrod, Robert, 2006. "Agent-based Modeling as a Bridge Between Disciplines," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 33, pages 1565-1584 Elsevier. [Downloadable!] (restricted)
Axelrod, Robert & Tesfatsion, Leigh S., 2006. "A Guide for Newcomers to Agent-Based Modeling in the Social Sciences," Staff General Research Papers 12515, Iowa State University, Department of Economics. [Downloadable!]
Tesfatsion, Leigh S. & Judd, Kenneth L., 2003. "Handbook of Computational Economics, Vol. 2: Agent-Based Computational Economics," Staff General Research Papers 10368, Iowa State University, Department of Economics. [Downloadable!]
repec:cup:macdyn:v:2:y:1998:i:2:p:183-212 is not listed on IDEAS
Peter Howitt, 1986. "The Keynesian Recovery," Canadian Journal of Economics, Canadian Economics Association, vol. 19(4), pages 626-41, November. [Downloadable!] (restricted)
Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002. [Downloadable!]
U. Witt, 2006. "Evolutionary Economics," Papers on Economics and Evolution 2006-05, Max Planck Institute of Economics, Evolutionary Economics Group.
Kydland, Finn E & Prescott, Edward C, 1996. "The Computational Experiment: An Econometric Tool," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 69-85, Winter. [Downloadable!] (restricted)
Other versions:
- Finn E. Kydland & Edward C. Prescott, 1994. "The computational experiment: an econometric tool," Staff Report 178, Federal Reserve Bank of Minneapolis. [Downloadable!]
- Finn E. Kydland & Edward C. Prescott, 1994. "The computational experiment: an econometric tool," Working Paper 9420, Federal Reserve Bank of Cleveland. [Downloadable!]
Paul Klemperer, 2002. "What Really Matters in Auction Design," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 169-189, Winter. [Downloadable!] (restricted)
Other versions:
- Klemperer, Paul, 2000. "What Really Matters in Auction Design," CEPR Discussion Papers 2581, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
- Professor Paul Klemperer, 2000. "What Really Matters in Auction Design," Microeconomics 0004008, EconWPA. [Downloadable!]
Alvin E. Roth, 2002. "The Economist as Engineer: Game Theory, Experimentation, and Computation as Tools for Design Economics," Econometrica, Econometric Society, vol. 70(4), pages 1341-1378, July. [Downloadable!] (restricted)
Leigh Tesfatsion, 2005. "Agent-Based Computational Laboratories for the Experimental Study of Complex Economic Systems," Computing in Economics and Finance 2005 72, Society for Computational Economics. [Downloadable!]

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