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Computation in Economics

Author

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  • K. Vela Velupillai
  • Stefano Zambelli

Abstract

This is an attempt at a succinct survey, from methodological and epistemological perspectives, of the burgeoning, apparently unstructured, field of what is often – misleadingly – referred to as computational economics. We identify and characterise four frontier research fields, encompassing both micro and macro aspects of economic theory, where machine computation play crucial roles in formal modelling exercises: algorithmic behavioural economics, computable general equilibrium theory, agent based computational economics and computable economics. In some senses these four research frontiers raise, without resolving, many interesting methodological and epistemological issues in economic theorising in (alternative) mathematical modes

Suggested Citation

  • K. Vela Velupillai & Stefano Zambelli, 2010. "Computation in Economics," ASSRU Discussion Papers 1001, ASSRU - Algorithmic Social Science Research Unit.
  • Handle: RePEc:trn:utwpas:1001
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    References listed on IDEAS

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    1. Dixon, Peter B. & Parmenter, B.R., 1996. "Computable general equilibrium modelling for policy analysis and forecasting," Handbook of Computational Economics,in: H. M. Amman & D. A. Kendrick & J. Rust (ed.), Handbook of Computational Economics, edition 1, volume 1, chapter 1, pages 3-85 Elsevier.
    2. Stefano Zambelli, 2011. "Flexible Accelerator Economic Systems As Coupled Oscillators," Journal of Economic Surveys, Wiley Blackwell, pages 608-633.
    3. William C. Brainard & Herbert E. Scarf, 2000. "How to Compute Equilibrium Prices in 1891," Cowles Foundation Discussion Papers 1272, Cowles Foundation for Research in Economics, Yale University.
    4. Robert W. Dimand & John Geanakoplos, 2005. "Celebrating Irving Fisher," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(1), pages 3-18, January.
    5. Scarf, Herbert E., 1993. "The computation of equilibrium prices: An exposition," Handbook of Mathematical Economics,in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 21, pages 1007-1061 Elsevier.
    6. Thaler, Richard, 1980. "Toward a positive theory of consumer choice," Journal of Economic Behavior & Organization, Elsevier, vol. 1(1), pages 39-60, March.
    7. Herbert E. Scarf, 1967. "On the Computation of Equilibrium Prices," Cowles Foundation Discussion Papers 232, Cowles Foundation for Research in Economics, Yale University.
    8. Hans M. Amman & David A. Kendrick, . "Computational Economics," Online economics textbooks, SUNY-Oswego, Department of Economics, number comp1.
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    Citations

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    Cited by:

    1. K. Vela Velupillai, 2012. "The Chimera of a Complete Analysis of Economic Dynamics," ASSRU Discussion Papers 1207, ASSRU - Algorithmic Social Science Research Unit.
    2. Taylor, Lance, 2016. "CGE applications in development economics," Journal of Policy Modeling, Elsevier, vol. 38(3), pages 495-514.
    3. K. Vela Velupillai, 2012. "Iteration, Tâtonnement, Computation and Economic Dynamics," ASSRU Discussion Papers 1213, ASSRU - Algorithmic Social Science Research Unit.
    4. K.Vela Velupillai, 2012. "Towards a Political Economy of the Theory of Economic Policy," ASSRU Discussion Papers 1217, ASSRU - Algorithmic Social Science Research Unit.
    5. K. Vela Velupillai, 2004. "A primer on the tools and concept of computable economics," Department of Economics Working Papers 0405, Department of Economics, University of Trento, Italia.

    More about this item

    Keywords

    Classical Behavioural Economics; Computable General Equilibrium theory; Agent Based Economics; Computable Economics; Computability; Constructivity; Numerical Analysis;

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