Agent-based Modeling and Institutional Design

Leigh Tesfatsion ()

Eastern Economic Journal, 2011, vol. 37, issue 1, 13-19

Abstract: The recent economic crisis has led to calls for a comprehensive restructuring of energy, financial, health care, and educational systems. Critics worry that the restructuring of these complex institutional arrangements could produce adverse unintended consequences. Given these concerns, pre-testing of proposed changes is eminently desirable but also exceedingly difficult. This essay focuses on the potential use of agent-based modeling for studying proposed changes in institutional arrangements in advance of actual implementation. Ongoing agent-based research on the restructuring of electric power markets is used for concrete illustration.

Date: 2011
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Working Paper: Agent-based Modeling and Institutional Design (2011)
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