Exploring a New Expace: The Complementarities between Experimental Economics and Agent-Based Computational Economics
Journal of Social Complexity, 2006
7 Pages Posted: 23 Feb 2006
Abstract
What is the relationship, if any, between Experimental Economics and Agent-based Computational Economics? Experimental Economics (EXP) investigates individual behaviour (and the emergence of aggregate regularities) by means of human subject experiments. Agent-based Computational Economics (ACE), on the other hand, studies the relationships between the micro and the macro level with the aid of artificial experiments. Note that the way ACE makes use of experiments to formulate theories is indeed similar to the way EXP does.
The question we want to address is whether they can complement and integrate with each other. What can Agent-based computational Economics give to, and take from, Experimental Economics? Can they help and sustain each other, and ultimately gain space out of their restricted respective niches of practitioners? We believe that the answer to all these questions is yes: there can be and there should be profitable "contaminations" in both directions, of which we provide a first comprehensive discussion.
Keywords: Experimental Economics, Agent-based Computational Economics, Agent-Based Models, Simulation
JEL Classification: B4, C9, C63
Suggested Citation: Suggested Citation
Do you have negative results from your research you’d like to share?
Recommended Papers
-
Asset Pricing Under Endogenous Expectations in an Artificial Stock Market
By W. Brian Arthur, John H. Holland, ...
-
The Dow Theory: William Peter Hamilton's Track Record Re-Considered
By Stephen J. Brown, Alok Kumar, ...
-
Agent-Based Computational Economics: Growing Economies from the Bottom Up
-
Social Behaviors, Enforcement, and Compliance Dynamics
By Jon S. Davis, Gary Hecht, ...
-
Agent-Based Models of Financial Markets: A Comparison with Experimental Markets
By Tomaso Poggio, Andrew W. Lo, ...
-
When the Bubble is Going to Burst
By Jing Chen
-
What If Hayek Goes Shopping in the Bazaar
By Marco Lamieri and Enrico Bertacchini
-
By Stefano Balbi and Carlo Giupponi
-
Automated Trading with Boosting and Expert Weighting
By Germán G. Creamer and Yoav Freund