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

Listed author(s):
  • Gérard Ballot
  • Antoine Mandel

    ()

    (PSE - Paris School of Economics, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Annick Vignes

    ()

    (ENPC - École des Ponts ParisTech, CAMS - Centre d'analyse et de mathématique sociale - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique)

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

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Paper provided by HAL in its series PSE - Labex "OSE-Ouvrir la Science Economique" with number halshs-01296643.

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Date of creation: 01 Oct 2015
Publication status: Published in Journal of Economic Interaction and Coordination, Springer Verlag, 2015, 〈10.1007/s11403-014-0132-6〉
Handle: RePEc:hal:pseose:halshs-01296643
DOI: 10.1007/s11403-014-0132-6
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01296643
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