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

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Author Info
Tesfatsion, Leigh S.

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

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Length: 50 pages
Date of creation: 06 Mar 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
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Web page: http://www.econ.iastate.edu
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Related research
Keywords: Agent-based computational economics; constructive modeling; decentralized market economy;

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Find related papers by JEL classification:
B4 - Schools of Economic Thought and Methodology - - Economic Methodology
C0 - Mathematical and Quantitative Methods - - General
C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming
D0 - Microeconomics - - General
E0 - Macroeconomics and Monetary Economics - - General

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  1. Zhorin, Victor & Stef-Praun, Tiberiu, 2008. "Grid-enabled estimation of structural economic models," MPRA Paper 11384, University Library of Munich, Germany. [Downloadable!]
  2. Peter Marko & Petr Svarc, 2008. "Firms formation and growth in the model with heterogeneous agents and monitoring," Working Papers IES 2008/31, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Nov 2008. [Downloadable!]
  3. Tesfatsion, Leigh S., 2006. "Agents Come to Bits: Towards a Constructive Comprehensive Taxonomy of Economic Entities," Staff General Research Papers 12513, Iowa State University, Department of Economics. [Downloadable!]
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  4. Matteo Richiardi, 2006. "Toward a Non-Equilibrium Unemployment Theory," Computational Economics, Springer, vol. 27(1), pages 135-160, February. [Downloadable!] (restricted)
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  5. Werner Neu, 2008. "Making economic sense of brain models: a survey and interpretation of the literature," Journal of Bioeconomics, Springer, vol. 10(2), pages 165-192, August. [Downloadable!] (restricted)
  6. Arnon Tonmukayakul & Martin Weiss, 2008. "A study of secondary spectrum use using agent-based computational economics," Netnomics, Springer, vol. 9(2), pages 125-151, October. [Downloadable!] (restricted)
  7. Fontana Magda, 2005. "Computer simulations, mathematics and economics," CESMEP Working Papers 200506, University of Turin. [Downloadable!]
  8. Barbara Ferrari & Luigi Mittone & Marco Tecilla, 2008. "Retirement Systems, Demography, Happiness and Welfare Redistribution," CEEL Working Papers 0808, Computable and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia. [Downloadable!]
  9. Peter Winker & Manfred Gilli & Vahidin Jeleskovic, 2007. "An objective function for simulation based inference on exchange rate data," Journal of Economic Interaction and Coordination, Springer, vol. 2(2), pages 125-145, December. [Downloadable!] (restricted)
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  10. Ivan Moscati & Paola Tubaro, 2009. "Random behavior and the as-if defense of rational choice theory in demand experiments," PSE Working Papers 2009-21, PSE (Ecole normale supérieure). [Downloadable!]
  11. Christian Martin & Michael Neugart, 2009. "Shocks and Endogenous Institutions: An Agent-based Model of Labor Market Performance in Turbulent Times," Computational Economics, Springer, vol. 33(1), pages 31-46, February. [Downloadable!] (restricted)
  12. Tesfatsion, Leigh S., 2005. "Agent-Based Computational Modeling And Macroeconomics," Staff General Research Papers 12402, Iowa State University, Department of Economics. [Downloadable!]
  13. Mark Bowden & Stuart McDonald, 2008. "The Impact of Interaction and Social Learning on Aggregate Expectations," Computational Economics, Springer, vol. 31(3), pages 289-306, April. [Downloadable!] (restricted)
  14. Steinbacher, Matjaz, 2008. "Stochastic Processes in Finance and Behavioral Finance," MPRA Paper 13603, University Library of Munich, Germany. [Downloadable!]
  15. Rodolphe Buda, 2007. "Propositions for the Building of a Quantitative Austrian Modelling: An Answer to Prof. Rizzo and to Prof. Vriend," EconomiX Working Papers 2007-9, University of Paris West - Nanterre la Défense, EconomiX. [Downloadable!]
  16. Roberto Leombruni & Matteo Richiardi, 2006. "Introduction," Computational Economics, Springer, vol. 27(1), pages 1-1, February. [Downloadable!] (restricted)
  17. Happe, Kathrin & Balmann, Alfons, 2008. "Doing Policy In The Lab! Options For The Future Use Of Model-Based Policy Analysis For Complex Decision-Making," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6588, European Association of Agricultural Economists. [Downloadable!]
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