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Building Artificial Economies: From Aggregate Data to Experimental Microstructure. A Methodological Survey

In: Advances in Artificial Economics

Author

Listed:
  • Gianfranco Giulioni

    (Pedagogical and Economic-Quantitative Sciences, “G. D’Annunzio” University
    Research Group for Experimental Microfoundations of Macroeconomics (GEMM))

  • Paola D’Orazio

    (Pedagogical and Economic-Quantitative Sciences, “G. D’Annunzio” University
    Research Group for Experimental Microfoundations of Macroeconomics (GEMM))

  • Edgardo Bucciarelli

    (Pedagogical and Economic-Quantitative Sciences, “G. D’Annunzio” University
    Research Group for Experimental Microfoundations of Macroeconomics (GEMM))

  • Marcello Silvestri

    (Pedagogical and Economic-Quantitative Sciences, “G. D’Annunzio” University
    Research Group for Experimental Microfoundations of Macroeconomics (GEMM))

Abstract

This paper suggests a methodological appraisal of the main improvements witnessed by the methodology based on the interplay between Experimental Economics (EE) and Agent-based Computational Economics (ACE) in the last 5–6 years. EE and ACE proved to be “natural allies” in that they complement each other: EE helps ACE in dealing with its “degree of freedom” problem and ACE helps EE in controlling and providing benchmarks for experimental subjects’ behavior. The paper discusses the role Evolutionary Computation plays in this bidirectional relationship.

Suggested Citation

  • Gianfranco Giulioni & Paola D’Orazio & Edgardo Bucciarelli & Marcello Silvestri, 2015. "Building Artificial Economies: From Aggregate Data to Experimental Microstructure. A Methodological Survey," Lecture Notes in Economics and Mathematical Systems, in: Frédéric Amblard & Francisco J. Miguel & Adrien Blanchet & Benoit Gaudou (ed.), Advances in Artificial Economics, edition 127, pages 69-78, Springer.
    • Handle: RePEc:spr:lnechp:978-3-319-09578-3_6
    DOI: 10.1007/978-3-319-09578-3_6
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