Agent-Based Computational Economics: A Constructive Approach to Economic Theory

Leigh Tesfatsion ()

Staff General Research Papers Archive from Iowa State University, Department of Economics

Abstract: This chapter explores the potential advantages and disadvantages of Agent-based Computational Economics (ACE) for the study of economic systems. General points are concretely illustrated using an ACE model of a two-sector decentralized market economy. Six issues are highlighted: Constructive understanding of production, pricing, and trade processes; the essential primacy of survival; strategic rivalry and market power; behavioral uncertainty and learning; the role of conventions and organizations; and the complex interactions among structural attributes, behaviors, and institutional arrangements. Extensive annotated pointers to ACE surveys, research, course materials, and software can be accessed here: http://www2.econ.iastate.edu/tesfatsi/ace.htm

Keywords: agent-based computational economics; Learning; network formation; decentralized market economy (search for similar items in EconPapers)
JEL-codes: B4 C6 C7 D2 D4 D8 E (search for similar items in EconPapers)
Date: 2006-01-01
New Economics Papers: this item is included in nep-cbe, nep-cmp, nep-ict and nep-pke
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Citations: View citations in EconPapers (287)

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Related works:
Chapter: Agent-Based Computational Economics: A Constructive Approach to Economic Theory (2006)
Working Paper: Agent-Based Computational Economics: A Constructive Approach to Economic Theory (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:isu:genres:12514

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