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MyWealth: A Simple Model of Economic Exchange in Python

In: Machine Learning Perspectives of Agent-Based Models

Author

Listed:
  • Joaquim Margarido

    (ISEP)

  • Pedro Campos

    (University of Porto, FEP, LIAAD-INESC TEC)

Abstract

The increasing focus on Agent-Based Models (ABMs) in economic studies results from the inadequacy of prevailing theoretical frameworks, notably exposed during the 2007–2008 global financial crisis and the COVID-19 pandemic. Complex models like EURACE demand extensive validation, often facing overfitting challenges. To facilitate understanding, simple games serve as effective tools for introducing agent-based modeling to beginners. Schelling’s model of social segretation for example, illustrates emergence, emphasizing contingent behavior influenced by individual goals and purposes. This chapter introduces MyWealth, a basic economic exchange model with a learning component, akin to the Simple Economy model. We create this model from scratch in Python, simulating simplified economies, aiding in teaching economic concepts and agent-based modeling principles.

Suggested Citation

  • Joaquim Margarido & Pedro Campos, 2025. "MyWealth: A Simple Model of Economic Exchange in Python," Springer Books, in: Pedro Campos & Anand Rao & Joaquim Margarido (ed.), Machine Learning Perspectives of Agent-Based Models, chapter 0, pages 129-145, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-73354-3_6
    DOI: 10.1007/978-3-031-73354-3_6
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