Handbook of Computational Economics

Agent-Based Computational Economics

Edited by

  • Leigh Tesfatsion, Iowa State University, Ames, IA, USA
  • Kenneth Judd, Hoover Institution, Stanford, CA, USA

The explosive growth in computational power over the past several decades offers new tools and opportunities for economists. This handbook volume surveys recent research on Agent-based Computational Economics (ACE), the computational study of economic processes modeled as dynamic systems of interacting agents. Empirical referents for "agents" in ACE models can range from individuals or social groups with learning capabilities to physical world features with no cognitive function. Topics covered include: learning; empirical validation; network economics; social dynamics; financial markets; innovation and technological change; organizations; market design; automated markets and trading agents; political economy; social-ecological systems; computational laboratory development; and general methodological issues.
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Book information

  • Published: May 2006
  • Imprint: NORTH-HOLLAND
  • ISBN: 978-0-444-51253-6

Table of Contents

Preface (L. Tesfatsion, K.L. Judd).
Part 1. ACE research reviews.
1. Agent-based computational economics: A constructive approach to economic theory (L. Tesfatsion).
2. Computationally intensive analyses in economics (K.L. Judd).
3. Agent learning representation: Advice on modelling economic learning (T. Brenner).
4. Agent-based models and human subject experiments (J. Duffy).
5. Economic activity on fixed networks (A.W. Wilhite).
6. ACE models of endogenous interactions (N.J. Vriend).
7. Social dynamics: Theory and applications (H. Peyton Young).
8. Heterogeneous agent models in economics and finance (C. Hommes).
9. Agent-based computational finance (B. LeBaron).
10. Agent-based models of innovation and technological change (H. Dawid).
11. Agent-based models of organizations (M-H. Chang, J.E. Harrington, Jr.).
12. Market design using agent-based models (R. Marks).
13. Automated markets and trading agents (J.J. MacKie-Mason, M. Wellman).
14. Computational methods and models of politics (K. Kollman, S.E. Page).
15. Governing social-ecological systems (M.A. Janssen, E. Ostrom).
16. Computational laboratories for spatial agent-based models (C. Dibble).
Part 2. Perspectives on the ACE methodology.
Out-of-equilibrium economics and agent-based modeling (W.B. Arthur).
Agent-based modeling as a bridge between disciplines (R. Axelrod).
Remarks on the foundations of agent-based generative social science (J.M. Epstein).
Coordination issues in long-run growth (P. Howitt).
Agent-based macro (A. Leijonhufvud).
Some fun, thirty-five years ago (T.C. Schelling).
Part 3. Guideline for newcomers to agent-based modeling.
A guide for newcomers to agent-based modeling in the social sciences (R. Axelrod, L. Tesfatsion).