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Economic Systems as Constructively Rational Games: Oh, the Places We Could Go!

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  • Tesfatsion, Leigh

Abstract

The first part of this presentation provides a brief but careful overview of agent-based computational economics (ACE), the computational modeling of economic processes (including whole economies) as open-ended dynamic systems of interacting agents. The potential applicability of ACE modeling for the study of economic systems is illustrated by means of an ACE macroeconomic study. Several key methodological issues are next highlighted: namely, empirical validation; standardized measures of model development; and standardized presentation protocols. The final part of the presentation considers how ACE modeling tools could be used to undertake edgier creative explorations of issues critical for the operation of real-world economic systems.

Suggested Citation

  • Tesfatsion, Leigh, 2016. "Economic Systems as Constructively Rational Games: Oh, the Places We Could Go!," ISU General Staff Papers 201601010800001050, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:201601010800001050
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