Agent-Based Computational Economics: A Constructive Approach to Economic Theory

Leigh Tesfatsion ()

No 527, Computing in Economics and Finance 2006 from Society for Computational Economics

Abstract: This talk will explore the potential advantages and disadvantages of Agent-based Computational Economics (ACE) for the study of economic systems. General points will be concretely illustrated using an ACE model of a two-sector decentralized market economy and an ongoing ACE project on the testing of market designs for restructured wholesale power markets. Six issues will be highlighted: constructive understanding of production, pricing, and trade processes; the essential primacy of survival; strategic rivalry and market power; behavioral uncertainty and learning; the role of conventions and organizations; and the complex interactions among structural attributes, behaviors, and institutional arrangements

Date: 2006-07-04
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Related works:
Chapter: Agent-Based Computational Economics: A Constructive Approach to Economic Theory (2006)
Working Paper: Agent-Based Computational Economics: A Constructive Approach to Economic Theory (2006)
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