MyWealth: A Simple Model of Economic Exchange in Python

Joaquim Margarido and Pedro Campos ()
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Joaquim Margarido: ISEP
Pedro Campos: University of Porto, FEP, LIAAD-INESC TEC

Chapter Chapter 6 in Machine Learning Perspectives of Agent-Based Models, 2025, pp 129-145 from Springer

Abstract: Abstract The increasing focus on Agent-Based Models (ABMs) in economic studies results from the inadequacy of prevailing theoretical frameworks, notably exposed during the 2007–2008 global financial crisis and the COVID-19 pandemic. Complex models like EURACE demand extensive validation, often facing overfitting challenges. To facilitate understanding, simple games serve as effective tools for introducing agent-based modeling to beginners. Schelling’s model of social segretation for example, illustrates emergence, emphasizing contingent behavior influenced by individual goals and purposes. This chapter introduces MyWealth, a basic economic exchange model with a learning component, akin to the Simple Economy model. We create this model from scratch in Python, simulating simplified economies, aiding in teaching economic concepts and agent-based modeling principles.

Date: 2025
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DOI: 10.1007/978-3-031-73354-3_6

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