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The Future of Agent-Based Modeling

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  • Matteo G. Richiardi

    (Institute for New Economic Thinking
    Universita’ di Torino
    Collegio Carlo Alberto)

Abstract

In this paper, I elaborate on the role of agent-based (AB) modeling for macroeconomic research. My main tenet is that the full potential of the AB approach has not been realized yet. This potential lies in the modular nature of the models, which is bought by abandoning the straitjacket of rational expectations and embracing an evolutionary perspective. I envisage the foundation of a Modular Macroeconomic Science, where new models with heterogeneous interacting agents, endowed with partial information and limited computational ability, can be created by recombining and extending existing models in a unified computational framework.

Suggested Citation

  • Matteo G. Richiardi, 2017. "The Future of Agent-Based Modeling," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 43(2), pages 271-287, March.
    • Handle: RePEc:pal:easeco:v:43:y:2017:i:2:d:10.1057_s41302-016-0075-9
    DOI: 10.1057/s41302-016-0075-9
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