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Agent-Based Modeling and Institutional Design

  • Tesfatsion, Leigh

The recent economic crisis has led to calls for a comprehensive restructuring of energy, financial, health care, and educational systems. Critics worry the restructuring of these complex institutional arrangements could produce adverse unintended consequences. Given these concerns, pre-testing of proposed changes is eminently desirable but also exceedingly difficult. This essay focuses on the potential use of agent-based modeling for studying proposed changes in institutional arrangements in advance of actual implementation. Ongoing agent-based research on the restructuring of electric power markets is used for concrete illustration.

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 32765.

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Date of creation: 15 Jan 2011
Date of revision:
Publication status: Published in Eastern Economic Journal 2011, vol. 37, pp. 13-19
Handle: RePEc:isu:genres:32765
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
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