Handbook of Computational Economics, V2: Agent-Based Computational Economics
- Agent-based computational economics (ACE) is the computational modeling of economic processes (including whole economies) as open-ended dynamic systems of interacting agents.
Here "agent" refers broadly to a bundle of data and methods representing an entity residing within the dynamic system. Examples of possible agents include: individuals (e.g., consumers and producers); social groupings (e.g., families, firms, communities, and government agencies); institutions (e.g., markets and regulatory systems); biological entities (e.g., crops, livestock, and forests); and physical entities (e.g., infrastructure, weather, and geographical regions). Thus, agents can range from passive system features to active data-gathering decision makers capable of sophisticated social behaviors. Moreover, agents can be composed of other agents, permitting hierarchical constructions.
- Iowa State University
- Leigh Tesfatsion
← Back to Resources