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Modeling Macroeconomies As Open-Ended Dynamic Systems of Interacting Agents

Author

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  • LeBaron, Blake
  • Tesfatsion, Leigh S.

Abstract

This study discusses the potential applicability of Agent-based Computational Economics (ACE) for macroeconomic modeling, with a particular stress on the following three issues: (1) taxonomy - what types of agents for macroeconomic models?; (2) scale robustness - how many agents for macroeconomic models?; and (3) empirical validation - connecting to data. Annotated pointers to ACE macroeconomic research can be accessed here: http://www2.econ.iastate.edu/tesfatsi/amulmark.htm

Suggested Citation

  • LeBaron, Blake & Tesfatsion, Leigh S., 2008. "Modeling Macroeconomies As Open-Ended Dynamic Systems of Interacting Agents," Staff General Research Papers Archive 12973, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:12973
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    References listed on IDEAS

    as
    1. Arifovic, Jasmina, 1996. "The Behavior of the Exchange Rate in the Genetic Algorithm and Experimental Economies," Journal of Political Economy, University of Chicago Press, vol. 104(3), pages 510-541, June.
    2. Colander,David (ed.), 2006. "Post Walrasian Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521865487, January.
    3. Terrance Odean, 1999. "Do Investors Trade Too Much?," American Economic Review, American Economic Association, vol. 89(5), pages 1279-1298, December.
    4. Colander,David (ed.), 2006. "Post Walrasian Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521684200, January.
    5. Joshua M. Epstein & Robert L. Axtell, 1996. "Growing Artificial Societies: Social Science from the Bottom Up," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550253, December.
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    More about this item

    Keywords

    agent-based computational economics; Macroeconomic modeling; Agent taxonomy; Scale robustness; Empirical validation;
    All these keywords.

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D - Microeconomics
    • E - Macroeconomics and Monetary Economics

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