Agent-Based Computational Economics: Overview and Brief History

Leigh Tesfatsion ()

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

Abstract: Scientists seek to understand how real-world systems work. Models devised for scientific purposes must always simplify reality. However, ideally, a modeling approach should be flexible as well as logically rigorous; it should permit scientists to tailor model simplifications appropriately for specific purposes at hand. Modeling flexibility and logical rigor have been the two key goals motivating the development of Agent-based Computational Economics (ACE), a variant of agent-based modeling adhering to seven specific modeling principles. This perspective provides an overview of ACE and a brief history of its development.

Date: 2021-11-08
New Economics Papers: this item is included in nep-cmp, nep-evo and nep-hme
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Citations: View citations in EconPapers (2)

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