ACE Models of Endogenous Interactions

Various approaches used in Agent-based Computational Economics (ACE) to model endogenously determined interactions between agents are discussed. This concerns models in which agents not only (learn how to) play some (market or other) game, but also (learn to) decide with whom to do that (or not).Endogenous interaction, Agent-based Computational Economics (ACE)

Exploring a New ExpAce: The Complementarities between Experimental Economics and Agent-based Computational Economics

What is the relationship, if any, between Experimental Economics and Agent-based Computational Economics? Experimental Economics (EXP) investigates individual behaviour (and the emergence of aggregate regularities) by means of human subject experiments. Agent-based Computational Economics (ACE), on the other hand, studies the relationships between the micro and the macro level with the aid of artificial experiments. Note that the way ACE makes use of experiments to formulate theories is indeed similar to the way EXP does. The question we want to address is whether they can complement and integrate with each other. What can Agent-based computational Economics give to, and take from, Experimental Economics? Can they help and sustain each other, and ultimately gain space out of their restricted respective niches of practitioners? We believe that the answer to all these questions is yes: there can be and there should be profitable “contaminations” in both directions, of which we provide a first comprehensive discussion.Experimental Economics, Agent-based Computational Economics, Agent-Based Models, Simulation.

Evoplex: A platform for agent-based modeling on networks

Agent-based modeling and network science have been used extensively to advance our understanding of emergent collective behavior in systems that are composed of a large number of simple interacting individuals or agents. With the increasing availability of high computational power in affordable personal computers, dedicated efforts to develop multi-threaded, scalable and easy-to-use software for agent-based simulations are needed more than ever. Evoplex meets this need by providing a fast, robust and extensible platform for developing agent-based models and multi-agent systems on networks. Each agent is represented as a node and interacts with its neighbors, as defined by the network structure. Evoplex is ideal for modeling complex systems, for example in evolutionary game theory and computational social science. In Evoplex, the models are not coupled to the execution parameters or the visualization tools, and there is a user-friendly graphical interface which makes it easy for all users, ranging from newcomers to experienced, to create, analyze, replicate and reproduce the experiments.Comment: 6 pages, 5 figures; accepted for publication in SoftwareX [software available at https://evoplex.org

Making Models Match: Replicating an Agent-Based Model

Scientists have increasingly employed computer models in their work. Recent years have seen a proliferation of agent-based models in the natural and social sciences. But with the exception of a few "classic" models, most of these models have never been replicated by anyone but the original developer. As replication is a critical component of the scientific method and a core practice of scientists, we argue herein for an increased practice of replication in the agent-based modeling community, and for widespread discussion of the issues surrounding replication. We begin by clarifying the concept of replication as it applies to ABM. Furthermore we argue that replication may have even greater benefits when applied to computational models than when applied to physical experiments. Replication of computational models affects model verification and validation and fosters shared understanding about modeling decisions. To facilitate replication, we must create standards for both how to replicate models and how to evaluate the replication. In this paper, we present a case study of our own attempt to replicate a classic agent-based model. We begin by describing an agent-based model from political science that was developed by Axelrod and Hammond. We then detail our effort to replicate that model and the challenges that arose in recreating the model and in determining if the replication was successful. We conclude this paper by discussing issues for (1) researchers attempting to replicate models and (2) researchers developing models in order to facilitate the replication of their results.Replication, Agent-Based Modeling, Verification, Validation, Scientific Method, Ethnocentrism

Adaptive microfoundations for emergent macroeconomics

In this paper we present the basics of a research program aimed at providing microfoundations to macroeconomic theory on the basis of computational agentbased adaptive descriptions of individual behavior. To exemplify our proposal, a simple prototype model of decentralized multi-market transactions is offered. We show that a very simple agent-based computational laboratory can challenge more structured dynamic stochastic general equilibrium models in mimicking comovements over the business cycle.Microfoundations of macroeconomics, Agent-based economics, Adaptive behavior

Agent-Based Modeling and its Tradeoffs: An Introduction & Examples

Agent-based modeling is a computational dynamic modeling technique that may be less familiar to some readers. Agent-based modeling seeks to understand the behaviour of complex systems by situating agents in an environment and studying the emergent outcomes of agent-agent and agent-environment interactions. In comparison with compartmental models, agent-based models offer simpler, more scalable and flexible representation of heterogeneity, the ability to capture dynamic and static network and spatial context, and the ability to consider history of individuals within the model. In contrast, compartmental models offer faster development time with less programming required, lower computational requirements that do not scale with population, and the option for concise mathematical formulation with ordinary, delay or stochastic differential equations supporting derivation of properties of the system behaviour. In this chapter, basic characteristics of agent-based models are introduced, advantages and disadvantages of agent-based models, as compared with compartmental models, are discussed, and two example agent-based infectious disease models are reviewed

Investigating biocomplexity through the agent-based paradigm.

Capturing the dynamism that pervades biological systems requires a computational approach that can accommodate both the continuous features of the system environment as well as the flexible and heterogeneous nature of component interactions. This presents a serious challenge for the more traditional mathematical approaches that assume component homogeneity to relate system observables using mathematical equations. While the homogeneity condition does not lead to loss of accuracy while simulating various continua, it fails to offer detailed solutions when applied to systems with dynamically interacting heterogeneous components. As the functionality and architecture of most biological systems is a product of multi-faceted individual interactions at the sub-system level, continuum models rarely offer much beyond qualitative similarity. Agent-based modelling is a class of algorithmic computational approaches that rely on interactions between Turing-complete finite-state machines--or agents--to simulate, from the bottom-up, macroscopic properties of a system. In recognizing the heterogeneity condition, they offer suitable ontologies to the system components being modelled, thereby succeeding where their continuum counterparts tend to struggle. Furthermore, being inherently hierarchical, they are quite amenable to coupling with other computational paradigms. The integration of any agent-based framework with continuum models is arguably the most elegant and precise way of representing biological systems. Although in its nascence, agent-based modelling has been utilized to model biological complexity across a broad range of biological scales (from cells to societies). In this article, we explore the reasons that make agent-based modelling the most precise approach to model biological systems that tend to be non-linear and complex

The Promises and Perils of Agent-Based Computational Economics

In this paper I analyse the main strengths and weaknesses of agent-based computational models. I first describe how agent-based simulations can complement more traditional modelling techniques. Then, I rationalise the main theoretical critiques against the use of simulation, which point to the following problematic areas: (i) interpretation of the simulation dynamics, (ii) estimation of the simulation model, and (iii) generalisation of the results. I show that there exist solutions for all these issues. Along the way, I clarify some confounding differences in terminology between the computer science and the economic literature.Agent-based, Simulation, Microsimulation, Computational Economics, Structural Estimation, Economic methodology