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Modeling Macroeconomies As Open-Ended Dynamic Systems of Interacting Agents

  • LeBaron, Blake
  • Tesfatsion, Leigh S.

This study discusses the potential applicability of Agent-based Computational Economics (ACE) for macroeconomic modeling, with a particular stress on the following three issues: (1) taxonomy - what types of agents for macroeconomic models?; (2) scale robustness - how many agents for macroeconomic models?; and (3) empirical validation - connecting to data. Annotated pointers to ACE macroeconomic research can be accessed here: http://www.econ.iastate.edu/tesfatsi/amulmark.htm

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12973.

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Date of creation: 19 Aug 2008
Date of revision:
Publication status: Published in American Economic Review 2008, vol. 98 no. 2, pp. 246-250
Handle: RePEc:isu:genres:12973
Contact details of provider: Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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  1. Joshua M. Epstein & Robert L. Axtell, 1996. "Growing Artificial Societies: Social Science from the Bottom Up," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550253, June.
  2. Arifovic, Jasmina, 1996. "The Behavior of the Exchange Rate in the Genetic Algorithm and Experimental Economies," Journal of Political Economy, University of Chicago Press, vol. 104(3), pages 510-41, June.
  3. Terrance Odean, 1999. "Do Investors Trade Too Much?," American Economic Review, American Economic Association, vol. 89(5), pages 1279-1298, December.
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