Modeling Economic Systems as Locally-Constructive Sequential Games

Leigh Tesfatsion ()

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these properties imply real-world economies are locally-constructive sequential games. This study discusses a modeling approach, agent-based computational economics (ACE), that permits researchers to study economic systems from this point of view. ACE modeling principles and objectives are first concisely presented. The remainder of the study then highlights challenging issues and edgier explorations that ACE researchers are currently pursuing.

Date: 2017-07-11
New Economics Papers: this item is included in nep-cmp, nep-hme and nep-hpe
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

Downloads: (external link)
https://dr.lib.iastate.edu/server/api/core/bitstre ... ada1c1f5faff/content
Our link check indicates that this URL is bad, the error code is: 403 Forbidden

Related works:
Journal Article: Modeling economic systems as locally-constructive sequential games (2017)
Working Paper: Modeling economic systems as locally-constructive sequential games (2017)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:isu:genstf:201707110700001022

Access Statistics for this paper

More papers in ISU General Staff Papers from Iowa State University, Department of Economics Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070. Contact information at EDIRC.
Bibliographic data for series maintained by Curtis Balmer ().