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Agent-Based Computational Economics: Growing Economies from the Bottom Up

Iowa State University Economics Working Paper No. 1

31 Pages Posted: 24 Mar 2002  

Leigh Tesfatsion

Iowa State University - Department of Economics

Multiple version iconThere are 2 versions of this paper

Date Written: March 2002

Abstract

Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Thus, ACE is a specialization to economics of the basic complex adaptive systems paradigm. This study outlines the main objectives and defining characteristics of the ACE methodology, and discusses the similarities and distinctions between ACE and artificial life research. Eight ACE research areas are identified, and a number of publications in each area are highlighted for concrete illustration. Open questions and directions for further ACE research are also considered. The study concludes with a discussion of the potential benefits associated with ACE modeling, as well as some potential difficulties.

Keywords: Agent-based computational economics, Artificial life, Learning, Evolution of norms, Networks, Computational laboratories

JEL Classification: B4, C0, D0, E0

Suggested Citation

Tesfatsion, Leigh, Agent-Based Computational Economics: Growing Economies from the Bottom Up (March 2002). Iowa State University Economics Working Paper No. 1. Available at SSRN: https://ssrn.com/abstract=305080 or http://dx.doi.org/10.2139/ssrn.305080

Leigh Tesfatsion (Contact Author)

Iowa State University - Department of Economics ( email )

260 Heady Hall
Ames, IA 50011
United States
515-294-0138 (Phone)
515-294-0221 (Fax)

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