Computational modeling of an economy using elements of artificial intelligence

Ekaterina Sinitskaya

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

Abstract: The goal of this dissertation was to develop tools for analyzing economic performance while agents were constrained to be constructively rational. To achieve this goal, firstly, tools for introducing forward-looking agents into agent-based frameworks were developed. These agents were shown to be a feasible alternative to the assumption of rational expectations, albeit with some limitations, as could be expected from any computational method. Several testing frameworks were also developed. Smaller ones were used to explore economic effects of decision procedures used by agents on macro- and micro-levels. A more advanced framework was formulated to facilitate the analysis of the interactions between institutional structures and macroeconomic policies. These frameworks were shown to be scalable and useful tools for the analysis of both micro-level decisions of agents and macroeconomic policies of central banks.

Date: 2014-01-01
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