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Agent-based computational economics: modeling economies as complex adaptive systems

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  • Tesfatsion, Leigh

Abstract

Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Thus, ACE is a specialization to economics of the basic complex adaptive systems paradigm. This paper outlines the main objectives and defining characteristics of the ACE methodology, and discusses several active research areas.

Suggested Citation

  • Tesfatsion, Leigh, 2003. "Agent-based computational economics: modeling economies as complex adaptive systems," ISU General Staff Papers 200301010800001423, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:200301010800001423
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    Cited by:

    1. Situngkir, Hokky, 2011. "Pengertian dari dan untuk ketakmengertian: Social Complexity sebagai cara pandang baru dalam memahami fenomena sosial [Understanding from and to the inability to understand: Social Complexity as a ," MPRA Paper 30871, University Library of Munich, Germany.
    2. McArthur, David Philip & Thorsen, Inge & Ubøe, Jan, 2009. "Congested Interregional Infrastructure, Road Pricing and Regional Labour Markets," Discussion Papers 2009/3, Norwegian School of Economics, Department of Business and Management Science.
    3. McArthur, David & Thorsen, Inge & Ubøe, Jan, 2008. "An agent-based computational approach to explaining persistent spatial unemployment disparities," Discussion Papers 2008/17, Norwegian School of Economics, Department of Business and Management Science.

    More about this item

    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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