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Agent-based Modeling and Institutional Design

Author

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  • Leigh Tesfatsion

    (Department of Economics, Mathematics, and Electrical and Computer Engineering, Iowa State University, Ames, IA 50011-1070, USA.)

Abstract

The recent economic crisis has led to calls for a comprehensive restructuring of energy, financial, health care, and educational systems. Critics worry that the restructuring of these complex institutional arrangements could produce adverse unintended consequences. Given these concerns, pre-testing of proposed changes is eminently desirable but also exceedingly difficult. This essay focuses on the potential use of agent-based modeling for studying proposed changes in institutional arrangements in advance of actual implementation. Ongoing agent-based research on the restructuring of electric power markets is used for concrete illustration.

Suggested Citation

  • Leigh Tesfatsion, 2011. "Agent-based Modeling and Institutional Design," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 37(1), pages 13-19.
    • Handle: RePEc:pal:easeco:v:37:y:2011:i:1:p:13-19
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    Cited by:

    1. Matteo G. Richiardi, 2017. "The Future of Agent-Based Modeling," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 43(2), pages 271-287, March.
    2. Leigh Tesfatsion, 2017. "Elements of Dynamic Economic Modeling: Presentation and Analysis," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 43(2), pages 192-216, March.
    3. Tesfatsion, Leigh & Jie, Yu & Rehmann, Chris R. & Gutowski, William J., 2015. "WACCShed: A Platform for the Study of Watersheds as Dynamic Coupled Natural and Human Systems," ISU General Staff Papers 201512160800001226, Iowa State University, Department of Economics.
    4. Lorán Chollete & Sharon G. Harrison, 2021. "Unintended Consequences: Ambiguity Neglect and Policy Ineffectiveness," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 47(2), pages 206-226, April.
    5. Bernardo Alves Furtado & Gustavo Onofre Andre~ao, 2022. "Machine Learning Simulates Agent-Based Model Towards Policy," Papers 2203.02576, arXiv.org, revised Nov 2022.

    More about this item

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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