Agent-Based Computational Economics: A Constructive Approach to Economic Theory
AbstractThis talk will explore the potential advantages and disadvantages of Agent-based Computational Economics (ACE) for the study of economic systems. General points will be concretely illustrated using an ACE model of a two-sector decentralized market economy and an ongoing ACE project on the testing of market designs for restructured wholesale power markets. Six issues will be highlighted: constructive understanding of production, pricing, and trade processes; the essential primacy of survival; strategic rivalry and market power; behavioral uncertainty and learning; the role of conventions and organizations; and the complex interactions among structural attributes, behaviors, and institutional arrangements
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Bibliographic InfoPaper provided by Society for Computational Economics in its series Computing in Economics and Finance 2006 with number 527.
Date of creation: 04 Jul 2006
Date of revision:
Other versions of this item:
- Tesfatsion, Leigh, 2006. "Agent-Based Computational Economics: A Constructive Approach to Economic Theory," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 16, pages 831-880 Elsevier.
- Tesfatsion, Leigh, 2006. "Agent-Based Computational Economics: A Constructive Approach to Economic Theory," Staff General Research Papers 12514, Iowa State University, Department of Economics.
- 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
- D2 - Microeconomics - - Production and Organizations
- D4 - Microeconomics - - Market Structure and Pricing
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
- E - Macroeconomics and Monetary Economics
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