Agent-based computational economics and African modeling:perspectives and challenges
AbstractIn recent years, the government, of African Countries has assumed major responsibilities for economic reforms and growth. In attempting to describe their economies, economists (policymakers) in many African Countries have applied certain models that are by now widely known: Linear programming models, input-output models, macro-econometric models, vector auto regression models and computable general equilibrium models. Unfortunately, economies are complicated systems encompassing micro behaviors, interaction patterns and global regularities. Whether partial or general in scope, studies of economic systems must consider how to handle difficult real-world aspects such as asymmetric information, imperfect competition, strategic interaction, collective learning and multiple equilibria possibility. This paper therefore argues for the adoption of alternative modeling (bottom-up culture-dish) approach known as AGENT-BASED Computational Economics (ACE), which is the computational study of African economies modeled as evolving systems of autonomous interacting agents. However, the software bottleneck (what rules to write for our agents) remains the primary challenge ahead.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 35414.
Date of creation: 14 Dec 2011
Date of revision:
artificial intelligence; computational laboratory; complex networks; multi-agent systems; agent-base computational economics; social networks; macro-econometric model; linear programming; input-output; vector auto regression; ace models; var models; neural networks; gene networks; derivatives; financial contagion; Africa economies; aceges models; energy;
Find related papers by JEL classification:
- C9 - Mathematical and Quantitative Methods - - Design of Experiments
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- D5 - Microeconomics - - General Equilibrium and Disequilibrium
- C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
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- C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
This paper has been announced in the following NEP Reports:
- NEP-AFR-2012-01-03 (Africa)
- NEP-ALL-2012-01-03 (All new papers)
- NEP-CMP-2012-01-03 (Computational Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hans M. Amman & David A. Kendrick, . "Computational Economics," Online economics textbooks, SUNY-Oswego, Department of Economics, number comp1.
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