Agent-Based Computational Economics: Overview and Brief History
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2022-05-12
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Scientists and engineers seek to understand how real-world systems work and could work better. Any modeling method devised for such purposes must simplify reality. Ideally, however, the modeling method should be flexible as well as logically rigorous; it should permit model simplifications to be appropriately tailored for the specific purpose at hand. Flexibility and logical rigor have been the two key goals motivating the development of Agent-based Computational Economics (ACE), a completely agent-based modeling method characterized by seven specific modeling principles. This perspective provides an overview of ACE, a brief history of its development, and its role within a broader spectrum of experiment-based modeling methods.
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21004
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working paper
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This working paper is published as Tesfatsion, L. (2023). Agent-Based Computational Economics: Overview and Brief History. In: Venkatachalam, R. (eds) Artificial Intelligence, Learning and Computation in Economics and Finance. Understanding Complex Systems. Springer, Cham. https://doi.org/10.1007/978-3-031-15294-8_4