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

See all articles by Matteo G. Richiardi

Matteo G. Richiardi

LABOR - Collegio Carlo Alberto

Roberto Leombruni

LABORatorio R. Revelli - Centre for Employment Studies

Bruno Contini

University of Turin, Collegio Carlo Alberto, LABORatorio R. Revelli, Centre for Employment Studies, IZA; IZA Institute of Labor Economics

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

Richiardi, Matteo Guido and Leombruni, Roberto and Contini, Bruno, Exploring a New Expace: The Complementarities between Experimental Economics and Agent-Based Computational Economics. Journal of Social Complexity, 2006. Available at SSRN: https://ssrn.com/abstract=883682

Matteo Guido Richiardi (Contact Author)

LABOR - Collegio Carlo Alberto ( email )

Via Real Collegio 30
10024 Moncalieri, Torino 10024
Italy
+39.011.670.5067 (Phone)
+39.011.670.5061 (Fax)

HOME PAGE: http://www.labor-torino.it/english/people/cv_richiardi.htm

Roberto Leombruni

LABORatorio R. Revelli - Centre for Employment Studies ( email )

Via Real Collegio 30
10024 Moncalieri
Italy

Bruno Contini

University of Turin, Collegio Carlo Alberto, LABORatorio R. Revelli, Centre for Employment Studies, IZA ( email )

Collegio Carlo Alberto Via Real Collegio
Moncalieri, Turin - Piedmont 10024
Italy
+39 011 840314 (Phone)
+39 011 6702762 (Fax)

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, D-53072
Germany

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