Agent-Based Computational Economics: Overview and Brief History

Date
2021-01-06
Authors
Tesfatsion, Leigh
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Altmetrics
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Research Projects
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Economics
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Abstract
Scientists and engineers seek to understand how real-world systems work and could work better. Any modeling approach devised for such purposes must simplify reality. Ideally, however, the modeling approach 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 approach adhering to 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 approaches.
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Agent-based computational economics, modeling principles, history
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