The Future of Agent-Based Modeling

Richiardi, Matteo

The Future of Agent-Based Modeling

Eastern Economic Journal, 2017, vol. 43, issue 2, No 6, 287 pages

Abstract: Abstract In this paper, I elaborate on the role of agent-based (AB) modeling for macroeconomic research. My main tenet is that the full potential of the AB approach has not been realized yet. This potential lies in the modular nature of the models, which is bought by abandoning the straitjacket of rational expectations and embracing an evolutionary perspective. I envisage the foundation of a Modular Macroeconomic Science, where new models with heterogeneous interacting agents, endowed with partial information and limited computational ability, can be created by recombining and extending existing models in a unified computational framework.

Keywords: agent-based; simulation; macroeconomics; modularity; B40; C63; E17 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (8)

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Working Paper: The future of agent-based modelling (2015)
Working Paper: The future of agent-based modelling (2015)
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DOI: 10.1057/s41302-016-0075-9

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