Unlocking Economic Systems with Agent-Based Computational Economics: The Eu Leasing Market

RGS-IBG International Conference 2008

Posted: 10 Nov 2008

Abstract

Studies of economic systems must consider how to handle interdependent feedback interactions of micro behaviors, interaction patterns and macroscopic regularities. The Agent-Field framework is an approach for agent-based computational economics. In this framework, models of economic systems are viewed as a collection of multi-scale and structured agents operating in indeterminate economic environments conceptualized as continuous, differentiable fields with variable levels of spatial uncertainty. We propose formalization of the Agent-Field framework using the Unified Modeling Language. We explore potential advantages and disadvantages of the framework for the study of economic systems using the EU leasing market. This enables us to formulate an initial frame representation of major economic agents for the EU leasing market. We predicted the direction of the Central and Easter cluster of Europe's high growth economies can be expected to take, as its economies move towards higher prosperity levels. Within the scope of the work, it has been shown that the Agent-Field framework is an intuitive rather than an abstract process in modeling economic systems. This intuitive process needs more understanding of the interactions between the economic environment and the agents within it. The Agent-Field approach seems ontologically well founded for the growing field of agent-based computational economics.

Keywords: agent-based economics, agent-based modelling, economic modelling, spatial economics

Suggested Citation

Voudouris, Vlasios, Unlocking Economic Systems with Agent-Based Computational Economics: The Eu Leasing Market. RGS-IBG International Conference 2008. Available at SSRN: https://ssrn.com/abstract=1298612

Vlasios Voudouris (Contact Author)

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