Agent-Based Computational Economics: Growing Economies from the Bottom Up
AbstractThis 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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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 5075.
Date of creation: 01 Jan 2002
Date of revision:
Publication status: Published in Artificial Life 2002, vol. 8 no. 1, pp. 55-82
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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
Web page: http://www.econ.iastate.edu
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- C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
- D - Microeconomics
- E - Macroeconomics and Monetary Economics
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