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.
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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number
12514.
Length: 50 pages Date of creation: 06 Mar 2006 Date of revision: Handle: RePEc:isu:genres:12514
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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
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