Exploring a New ExpAce: The Complementarities between Experimental Economics and Agent-based Computational Economics

Bruno Contini (), Roberto Leombruni and Matteo Richiardi

No 45, LABORatorio R. Revelli Working Papers Series from LABORatorio R. Revelli, Centre for Employment Studies

Abstract: What is the relationship, if any, between Experimental Economics and Agent-based Computational Economics? Experimental Economics (EXP) investigates individual behaviour (and the emergence of aggregate regularities) by means of human subject experiments. Agent-based Computational Economics (ACE), on the other hand, studies the relationships between the micro and the macro level with the aid of artificial experiments. Note that the way ACE makes use of experiments to formulate theories is indeed similar to the way EXP does. The question we want to address is whether they can complement and integrate with each other. What can Agent-based computational Economics give to, and take from, Experimental Economics? Can they help and sustain each other, and ultimately gain space out of their restricted respective niches of practitioners? We believe that the answer to all these questions is yes: there can be and there should be profitable “contaminations” in both directions, of which we provide a first comprehensive discussion.

Keywords: Experimental Economics; Agent-based Computational Economics; Agent-Based Models; Simulation. (search for similar items in EconPapers)
JEL-codes: B4 C63 C9 (search for similar items in EconPapers)
Pages: 9 pages
Date: 2006
New Economics Papers: this item is included in nep-cbe, nep-cmp, nep-exp and nep-hpe
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Citations: View citations in EconPapers (2)

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