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Agent-Based Computational Economics: A Constructive Approach to Economic Theory

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  • Tesfatsion, Leigh

Abstract

This chapter explores the potential advantages and disadvantages of Agent-based Computational Economics (ACE) for the study of economic systems. General points are concretely illustrated using an ACE model of a two-sector decentralized market economy. Six issues are highlighted: Constructive understanding of production, pricing, and trade processes; the essential primacy of survival; strategic rivalry and market power; behavioral uncertainty and learning; the role of conventions and organizations; and the complex interactions among structural attributes, behaviors, and institutional arrangements. Extensive annotated pointers to ACE surveys, research, course materials, and software can be accessed here: http://www.econ.iastate.edu/tesfatsi/ace.htm

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File URL: http://www.econ.iastate.edu/tesfatsi/hbintlt.pdf
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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12514.

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Date of creation: 01 Jan 2006
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Handle: RePEc:isu:genres:12514

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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
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Web page: http://www.econ.iastate.edu
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Keywords: agent-based computational economics; Learning; network formation; decentralized market economy;

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