Agent-based computational economics and African modeling:perspectives and challenges
In recent years, the government, of African Countries has assumed major responsibilities for economic reforms and growth. In attempting to describe their economies, economists (policymakers) in many African Countries have applied certain models that are by now widely known: Linear programming models, input-output models, macro-econometric models, vector auto regression models and computable general equilibrium models. Unfortunately, economies are complicated systems encompassing micro behaviors, interaction patterns and global regularities. Whether partial or general in scope, studies of economic systems must consider how to handle difficult real-world aspects such as asymmetric information, imperfect competition, strategic interaction, collective learning and multiple equilibria possibility. This paper therefore argues for the adoption of alternative modeling (bottom-up culture-dish) approach known as AGENT-BASED Computational Economics (ACE), which is the computational study of African economies modeled as evolving systems of autonomous interacting agents. However, the software bottleneck (what rules to write for our agents) remains the primary challenge ahead.
|Date of creation:||14 Dec 2011|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hans M. Amman & David A. Kendrick, . "Computational Economics," Online economics textbooks, SUNY-Oswego, Department of Economics, number comp1.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:35414. See general information about how to correct material in RePEc.
If references are entirely missing, you can add them using this form.