Agent-based modeling and economic theory: where do we stand?

Gérard Ballot, Antoine Mandel and Annick Vignes ()
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Annick Vignes: ENPC - École nationale des ponts et chaussées, CAMS - Centre d'Analyse et de Mathématique sociales - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper provides a survey of the development and contributions of agent-based modeling to economic analysis, without any claim to be exhaustive. Our perspective is particularly shaped by the papers presented at the 17th Wehia conference, a selection of which are published in this special issue. The paper shows how agent-based models have developed, and how they have improved our understanding not only of macroeconomic disequilibria but also of the possibilities of the emergence of equilibrium in such realistic systems. It also reviews the progress made in our understanding of real markets, and lists some of the improvements needed to establish these models as alternative tools to the present orthodox models.

Keywords: Agent-based modeling; Heterogeneity; Economic thought (search for similar items in EconPapers)
Date: 2015-10-01
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Citations: View citations in EconPapers (8)

Published in Journal of Economic Interaction and Coordination, 2015, 10, pp.199-220. ⟨10.1007/s11403-014-0132-6⟩

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Related works:
Journal Article: Agent-based modeling and economic theory: where do we stand? (2015)
Working Paper: Agent-based modeling and economic theory: where do we stand? (2015)
Working Paper: Agent-based modeling and economic theory: where do we stand? (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01296643

DOI: 10.1007/s11403-014-0132-6

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