Skip to main content
Article thumbnail
Location of Repository

Agent-based computational economics: Growing economies from the bottom-up

By Leigh Tesfatsion

Abstract

Abstract: Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Thus, ACE is a specialization to economics of the basic complex adaptive systems paradigm. This study outlines the main objectives and defining characteristics of the ACE methodology, and discusses similarities and distinctions between ACE and artificial life research. Eight ACE research areas are identified, and a number of publications in each area are highlighted for concrete illustration. Open questions and directions for future ACE research are also considered. The study concludes with a discussion of the potential benefits associated with ACE modeling, as well some potential difficulties. Keywords: Agent-based computational economics; artificial life; learning; evolution of norms; markets; networks; parallel experiments with humans and computational agents; computational laboratories.

Year: 2002
OAI identifier: oai:CiteSeerX.psu:10.1.1.194.4605
Provided by: CiteSeerX
Download PDF:
Sorry, we are unable to provide the full text but you may find it at the following location(s):
  • http://citeseerx.ist.psu.edu/v... (external link)
  • http://www.econ.iastate.edu/re... (external link)
  • Suggested articles


    To submit an update or takedown request for this paper, please submit an Update/Correction/Removal Request.