Agent-based Computational Economics: a Methodological Appraisal

This paper is an overview of "Agent-based Computational Economics (ACE)", an emerging approach to the study of decentralized market economies, in methodological perspective. It summarizes similarities and differences with respect to conventional economic models, outlines the unique methodological characteristics of this approach, and discusses its implications for economic methodology as a whole. While ACE rejoins the reflection on the unintended social consequences of purposeful individual action which is constitutive of economics as a discipline, the paper shows that it complements state-of the-art research in experimental and behavioral economics. In particular, the methods and techniques of ACE have reinforced the laboratory finding that fundamental economic results rely less on rational choice theory than is usually assumed, and have provided insight into the importance of market structures and rules in addition to individual choice. In addition, ACE has enlarged the range of inter-individual interactions that are of interest for economists. In this perspective, ACE provides the economist‘s toolbox with valuable supplements to existing economic techniques rather than proposing a radical alternative. Despite some open methodological questions, it has potential for better integration into economics in the future.Agent-based Computational Economics, Economic Methodology, Experimental Economics.

The Contribution of Society to the Construction of Individual Intelligence

It is argued that society is a crucial factor in the construction of individual intelligence. In other words that it is important that intelligence is socially situated in an analogous way to the physical situation of robots. Evidence that this may be the case is taken from developmental linguistics, the social intelligence hypothesis, the complexity of society, the need for self-reflection and autism. The consequences for the development of artificial social agents is briefly considered. Finally some challenges for research into socially situated intelligence are highlighted

“An ethnographic seduction”: how qualitative research and Agent-based models can benefit each other

We provide a general analytical framework for empirically informed agent-based simulations. This methodology provides present-day agent-based models with a sound and proper insight as to the behavior of social agents — an insight that statistical data often fall short of providing at least at a micro level and for hidden and sensitive populations. In the other direction, simulations can provide qualitative researchers in sociology, anthropology and other fields with valuable tools for: (a) testing the consistency and pushing the boundaries, of specific theoretical frameworks; (b) replicating and generalizing results; (c) providing a platform for cross-disciplinary validation of results

Theory and practice in the field of foresight

Purpose – The paper aims to explore the gap between theory and practice in foresight and to give some suggestions on how to reduce it. Design/methodology/approach – Analysis of practical foresight activities and suggestions are based on a literature review, the author's own research and practice in the field of foresight and futures studies, and her participation in the work of a European project (COST A22). Findings – Two different types of practical foresight activities have developed. One of them, the practice of foresight of critical futures studies (FCFS) is an application of a theory of futures studies. The other, termed here as praxis foresight (PF), has no theoretical basis and responds directly to practical needs. At present a gap can be perceived between theory and practice. PF distinguishes itself from the practice and theory of FCFS and narrows the construction space of futures. Neither FCFS nor PF deals with content issues of the outer world. Reducing the gap depends on renewal of joint discourses and research about experience of different practical foresight activities and manageability of complex dynamics in foresight. Production and feedback of self-reflective and reflective foresight knowledge could improve theory and practice. Originality/value – Contemporary practical foresight activities are analysed and suggestions to reduce the gap are developed in the context of the linkage between theory and practice. This paper is thought provoking for futurists, foresight managers and university researchers