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Agent-based computational economics

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Listed:
  • Tesfatsion, Leigh

Abstract

Agent-based computational economics (ACE) is the computational study of economic processes modeled as dynamic systems of interacting agents. Here agentrefers broadly to a bundle of data and behavioral methods representing an entity constituting part of a computationally constructed world.Examples of possible agents include individuals (e.g. consumers, producers), social groupings (e.g. families, firms, communities, government agencies), institutions (e.g. markets, regulatory systems), biological entities (e.g. crops, livestock, forests), and physical entities (e.g. infrastructure, weather, and geographical regions). Thus, agents can range from active data-gathering decision makers with sophisticated embodied cognitive capabilities to passive world features with no cognitive function.

Suggested Citation

  • Tesfatsion, Leigh, 2007. "Agent-based computational economics," ISU General Staff Papers 200701010800001423, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:200701010800001423
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    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C0 - Mathematical and Quantitative Methods - - General
    • D0 - Microeconomics - - General
    • E0 - Macroeconomics and Monetary Economics - - General

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