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Agent-Based Computational Economics: Growing Economies from the Bottom Up

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  • Tesfatsion, Leigh S.

Abstract

This study outlines the main objectives and defining characteristics of agent-based computational economics (ACE), the computational study of economies modeled as evolving systems of autonomous interacting agents. Similarities and distinctions between ACE and artificial life research are clarified. Eight ACE research areas are identified, and a number of publications in each area are highlighted for concrete illustration. Open questions and directions for future ACE research are also considered. The study concludes with a discussion of the potential benefits of the ACE approach, as well as some potential difficulties. Annotated pointers to related work can be accessed here: http://www2.econ.iastate.edu/tesfatsi/ace.htm

Suggested Citation

  • Tesfatsion, Leigh S., 2002. "Agent-Based Computational Economics: Growing Economies from the Bottom Up," Staff General Research Papers Archive 5075, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:5075
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    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • D - Microeconomics
    • E - Macroeconomics and Monetary Economics

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