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

Leigh Tesfatsion ()

Staff General Research Papers 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.

JEL-codes: B4 C0 C6 D0 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-cmp, nep-ict and nep-pke
Date: Written 2006-03-06
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http://www.econ.iastate.edu/tesfatsi/hbintlt.pdf (application/pdf)

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: http://EconPapers.repec.org/RePEc:isu:genres:12514

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