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Teaching Agent-Based Computational Economics to Graduate Students

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  • Tesfatsion, Leigh S.

Abstract

Agent-based computational economics (ACE) is roughly defined as the computational study of economies modeled as evolving decentralized systems of autonomous interacting agents. A key focus of ACE research is understanding how global regularities arise from the bottom up, through the repeated local interactions of autonomous agents channeled through socio-economic institutions, rather than from top down coordination mechanisms such as imposed market clearing constraints or an assumption of single representative agents. This paper discusses how ACE materials have been introduced into graduate-level courses in macroeconomic theory over the past several years, using an ACE labor market framework for concrete illustration. Related work can be accessed here: http://www2.econ.iastate.edu/tesfatsi/ace.htm

Suggested Citation

  • Tesfatsion, Leigh S., 1998. "Teaching Agent-Based Computational Economics to Graduate Students," Staff General Research Papers Archive 1199, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:1199
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    More about this item

    Keywords

    agent-based computational economics; constructive modeling;

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D - Microeconomics
    • E - Macroeconomics and Monetary Economics

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