The Promises and Perils of Agent-Based Computational Economics

Matteo Richiardi

No 29, LABORatorio R. Revelli Working Papers Series from LABORatorio R. Revelli, Centre for Employment Studies

Abstract: In this paper I review the main strengths and weaknesses of agent-based computational models. In particular I rationalise the main theoretical critiques, which point to the following problematic areas: (i) interpretation of the simulation dynamics, (ii) estimation of the simulation model, and (iii) generalisation of the results. I show that there exist solutions for all these issues. Moreover, this paper clarifies some confounding differences in terminology between the computer science and the economic literature.

Keywords: Agent-based; Simulation; Microsimulation; Computational Economics; Structural Estimation; Economic methodology. (search for similar items in EconPapers)
JEL-codes: B41 B59 C15 C50 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2003
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

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Working Paper: The Promises and Perils of Agent-Based Computational Economics (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:cca:wplabo:29

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