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Agent-Based Computational Economics: Growing Economies from the Bottom Up

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Author Info
Tesfatsion, Leigh

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Abstract

This study outlines the main objectives and defining characteristics of agent-based computational economics (ACE), the computational study of economies modeled as evolving systems of autonomous interacting agents. Similarities and distinctions between ACE and artificial life research are clarified. Eight ACE research areas are identified, and a number of publications in each area are highlighted for concrete illustration. Open questions and directions for future ACE research are also considered. The study concludes with a discussion of the potential benefits of the ACE approach, as well as some potential difficulties. Annotated pointers to related work can be accessed here: http://www.econ.iastate.edu/tesfatsi/ace.htm

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Publisher Info
Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 5075.

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Date of creation: 01 Mar 2002
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Publication status: Published in Artificial Life, 2002, Vol. 8, No. 1, pp. 55-82.
Handle: RePEc:isu:genres:5075

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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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Related research
Keywords: agent based computational modeling; artificial life; research survey;

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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

Cited by:
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  1. Ting-Hua Chang & Jun-Yen Lee & Ru-Hwa Chen, 2008. "The Effects of Customer Value on Loyalty and Profits in a Dynamic Competitive Market," Computational Economics, Springer, vol. 32(3), pages 317-339, October. [Downloadable!] (restricted)
  2. Jean Louis Dessalles & Denis Phan, 2005. "Emergence in multi-agent systems:Cognitive hierarchy, detection, and complexity reduction," Computing in Economics and Finance 2005 257, Society for Computational Economics. [Downloadable!]
  3. Pedro Cosme Costa Vieira, 2005. "Market equilibrium with search and computational costs," FEP Working Papers 173, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
  4. Atakelty Hailu & Sophie Thoyer, 2006. "Multi-unit auction format design," Journal of Economic Interaction and Coordination, Springer, vol. 1(2), pages 129-146, November. [Downloadable!] (restricted)
  5. Steven Gjerstad & Jason M. Shachat, 2007. "Individual Rationality and Market Efficiency," Purdue University Economics Working Papers 1204, Purdue University, Department of Economics. [Downloadable!]
  6. Lamieri, Marco & Bertacchini, Enrico, 2006. "What if Hayek goes shopping in the bazaar?," MPRA Paper 367, University Library of Munich, Germany, revised 21 Jun 2006. [Downloadable!]
  7. Spiliopoulos, Leonidas, 2009. "Neural networks as a learning paradigm for general normal form games," MPRA Paper 16765, University Library of Munich, Germany. [Downloadable!]
  8. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002. [Downloadable!]
  9. Rennard, Jean-Philippe, 2006. "Artificiality in Social Sciences," MPRA Paper 1458, University Library of Munich, Germany. [Downloadable!]
  10. Tesfatsion, Leigh S., 2005. "Agent-Based Computational Modeling And Macroeconomics," Staff General Research Papers 12402, Iowa State University, Department of Economics. [Downloadable!]
  11. Giorgio Fagiolo & Paul Windrum & Alessio Moneta, 2006. "Empirical Validation of Agent Based Models: A Critical Survey," LEM Papers Series 2006/14, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  12. Giorgio Fagiolo & Alessio Moneta & Paul Windrum, 2007. "A Critical Guide to Empirical Validation of Agent-Based Models in Economics: Methodologies, Procedures, and Open Problems," Computational Economics, Springer, vol. 30(3), pages 195-226, October. [Downloadable!] (restricted)
  13. Lamieri, Marco & Ietri, Daniele, 2004. "Innovation creation and diffusion in a social network: an agent based approach," MPRA Paper 445, University Library of Munich, Germany, revised 20 Oct 2006. [Downloadable!]
  14. Buda, Rodolphe, 2005. "Numerical Analysis in Econom(etr)ic Softwares: the Data-Memory Shortage Management," MPRA Paper 9145, University Library of Munich, Germany, revised 2007. [Downloadable!]
  15. David Colander, 2004. "Thinking Outside the Heterodox Box: Post Walrasian Macroeconomics and Heterodoxy," Middlebury College Working Paper Series 0424, Middlebury College, Department of Economics. [Downloadable!]
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This page was last updated on 2009-11-21.

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