Complexity Explorer Santa Fe Institute


Tutorial

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.

Institution
Iowa State University
Country
USA
Author
Leigh Tesfatsion
Topics
Emergence, Computation, Economics, Agent-Based Modeling
URL
http://amzn.to/2l1LLuS

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