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Modelling the Economy as an Agent-Based Process: ABCE, A Modelling Platform and Formal Language for ACE

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Abstract

In this paper, I argue that the key innovation of Agent-Based Economics is not the introduction of the individual agent as an ontological object, but the fact that the economy is modelled as a process. I propose a formal language to express economic models as processes. This formal language leads to ABCE, a modelling platform for Agent-Based Economic models. ABCE's core idea is that the modeller specifies the decisions of the agents, the order of actions, the goods and their physical transformation (the production and the consumption functions). Actions, such as production and consumption, interactions and exchange, are handled automatically by the modelling platform, when the agent decided to do them. The result is a program where *the source code contains only economically meaningful commands*. Beyond the decisions and the setup, ABCE handles everything in the background. It scales on multi-core computers and cloud computing services, without the intervention of the modeler. ABCE is based on python, a language which is characterized by highly readable code.

Suggested Citation

  • Davoud Taghawi-Nejad, 2013. "Modelling the Economy as an Agent-Based Process: ABCE, A Modelling Platform and Formal Language for ACE," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 16(3), pages 1-1.
  • Handle: RePEc:jas:jasssj:2012-128-1
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    File URL: http://jasss.soc.surrey.ac.uk/16/3/1/1.pdf
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    1. Matteo Richiardi & Roberto Leombruni & Nicole J. Saam & Michele Sonnessa, 2006. "A Common Protocol for Agent-Based Social Simulation," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, pages 1-15.
    2. Ulrich Frank & Klaus G. Troitzsch, 2005. "Epistemological Perspectives on Simulation," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 8(4), pages 1-7.
    3. Janssen, Marco & de Vries, Bert, 1998. "The battle of perspectives: a multi-agent model with adaptive responses to climate change," Ecological Economics, Elsevier, vol. 26(1), pages 43-65, July.
    4. Hanneman & Anthony Patrick, 1997. "On the Uses of Computer-Assisted Simulation Modeling in the Social Sciences," Sociological Research Online, Sociological Research Online, vol. 2(2), pages 1-5.
    5. Karolina SafarzyƄska & Jeroen Bergh, 2010. "Evolutionary models in economics: a survey of methods and building blocks," Journal of Evolutionary Economics, Springer, pages 329-373.
    6. 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;Society for Computational Economics, vol. 30(3), pages 195-226, October.
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