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Exploring a New ExpAce: The Complementarities between Experimental Economics and Agent-based Computational Economics

Author

Listed:
  • Bruno Contini
  • Roberto Leombruni
  • Matteo Richiardi

Abstract

What is the relationship, if any, between Experimental Economics and Agent-based Computational Economics? Experimental Economics (EXP) investigates individual behaviour (and the emergence of aggregate regularities) by means of human subject experiments. Agent-based Computational Economics (ACE), on the other hand, studies the relationships between the micro and the macro level with the aid of artificial experiments. Note that the way ACE makes use of experiments to formulate theories is indeed similar to the way EXP does. The question we want to address is whether they can complement and integrate with each other. What can Agent-based computational Economics give to, and take from, Experimental Economics? Can they help and sustain each other, and ultimately gain space out of their restricted respective niches of practitioners? We believe that the answer to all these questions is yes: there can be and there should be profitable “contaminations” in both directions, of which we provide a first comprehensive discussion.

Suggested Citation

  • Bruno Contini & Roberto Leombruni & Matteo Richiardi, 2006. "Exploring a New ExpAce: The Complementarities between Experimental Economics and Agent-based Computational Economics," LABORatorio R. Revelli Working Papers Series 45, LABORatorio R. Revelli, Centre for Employment Studies.
  • Handle: RePEc:cca:wplabo:45
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    File URL: http://www.laboratoriorevelli.it/_pdf/wp45.pdf
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    Cited by:

    1. Shachat, Jason & Swarthout, J. Todd, 2012. "Learning about learning in games through experimental control of strategic interdependence," Journal of Economic Dynamics and Control, Elsevier, vol. 36(3), pages 383-402.
    2. Grazzini, J., 2011. "Experimental Based, Agent Based Stock Market," CeNDEF Working Papers 11-07, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.

    More about this item

    Keywords

    Experimental Economics; Agent-based Computational Economics; Agent-Based Models; Simulation.;

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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