Agent-Based Computational Economics

Leigh Tesfatsion ()

Computational Economics from EconWPA

Abstract: Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Starting from initial conditions, specified by the modeler, the computational economy evolves over time as its constituent agents repeatedly interact with each other and learn from these interactions. ACE is therefore a bottom-up culture-dish approach to the study of economic systems. This study discusses the key characteristics and goals of the ACE methodology. Eight currently active research areas are highlighted for concrete illustration. Potential advantages and disadvantages of the ACE methodology are considered, along with open questions and possible directions for future research.

Keywords: Agent-based computational economics; Autonomous agents; Interaction networks; Learning; Evolution; Mechanism design; Computational economics; Object-oriented programming. (search for similar items in EconPapers)
JEL-codes: B4 C0 D0 E0 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cmp
Date: 2002-03-15, Revised 2002-08-15
Note: Type of Document - Acrobat PDF; prepared on IBM PC - PC-TEX; to print on HP/PostScript/; pages: 30; figures: None
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpco:0203001

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