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Agent-Based Computational Economics: Overview and Brief History

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  • Tesfatsion, Leigh

Abstract

Scientists seek to understand how real-world systems work. Models devised for scientific purposes must always simplify reality. However, ideally, a modeling approach should be flexible as well as logically rigorous; it should permit scientists to tailor model simplifications appropriately for specific purposes at hand. Modeling flexibility and logical rigor have been the two key goals motivating the development of Agent-based Computational Economics (ACE), a variant of agent-based modeling adhering to seven specific modeling principles. This perspective provides an overview of ACE and a brief history of its development.

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  • Tesfatsion, Leigh, 2021. "Agent-Based Computational Economics: Overview and Brief History," ISU General Staff Papers 202111080800001125, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:202111080800001125
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    References listed on IDEAS

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    1. Chen, Shu-Heng, 2012. "Varieties of agents in agent-based computational economics: A historical and an interdisciplinary perspective," Journal of Economic Dynamics and Control, Elsevier, vol. 36(1), pages 1-25.
    2. Chen, Shu-Heng & Yeh, Chia-Hsuan, 2001. "Evolving traders and the business school with genetic programming: A new architecture of the agent-based artificial stock market," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 363-393, March.
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    Cited by:

    1. José Bruno do Nascimento Clementino, 2022. "Documento de Trabalho 02/2022 - Modelagem baseada em agentes aplicada ao antitruste," Documentos de Trabalho 2022020, Conselho Administrativo de Defesa Econômica (Cade), Departamento de Estudos Econômicos.
    2. José Bruno do Nascimento Clementino, 2022. "Documento de Trabalho 002/2022 - Modelagem baseada em agentes aplicada ao antitruste," Documentos de Trabalho 22022, Conselho Administrativo de Defesa Econômica (Cade), Departamento de Estudos Econômicos.

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