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Agent-based modeling and economic theory: where do we stand?

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  • Gerard Ballot
  • Antoine Mandel
  • Annick Vignes

Abstract

This paper provides a survey of the development and contributions of agent-based modeling to economic analysis, without any claim to be exhaustive. Our perspective is particularly shaped by the papers presented at the 17th Wehia conference, a selection of which are published in this special issue. The paper shows how agent-based models have developed, and how they have improved our understanding not only of macroeconomic disequilibria but also of the possibilities of the emergence of equilibrium in such realistic systems. It also reviews the progress made in our understanding of real markets, and lists some of the improvements needed to establish these models as alternative tools to the present orthodox models. Copyright Springer-Verlag Berlin Heidelberg 2015

Suggested Citation

  • Gerard Ballot & Antoine Mandel & Annick Vignes, 2015. "Agent-based modeling and economic theory: where do we stand?," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 10(2), pages 199-220, October.
    • Handle: RePEc:spr:jeicoo:v:10:y:2015:i:2:p:199-220
    DOI: 10.1007/s11403-014-0132-6
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    Keywords

    Agent-based modeling; Heterogeneity; Economic thought; B5; C8;
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    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs

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