Introduction to Agent-Based Economics

Introduction to Agent-Based Economics

1st Edition - August 3, 2017

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  • Editors: Mauro Gallegati, Antonio Palestrini, Alberto Russo
  • eBook ISBN: 9780128039038
  • Hardcover ISBN: 9780128038345

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Introduction to Agent-Based Economics describes the principal elements of agent-based computational economics (ACE). It illustrates ACE’s theoretical foundations, which are rooted in the application of the concept of complexity to the social sciences, and it depicts its growth and development from a non-linear out-of-equilibrium approach to a state-of-the-art agent-based macroeconomics. The book helps readers gain a better understanding of the limits and perspectives of the ACE models and their capacity to reproduce economic phenomena and empirical patterns.

Key Features

  • Reviews the literature of agent-based computational economics
  • Analyzes approaches to agents’ expectations
  • Covers one of the few large macroeconomic agent-based models, the Modellaccio
  • Illustrates both analytical and computational methodologies for producing tractable solutions of macro ACE models
  • Describes diffusion and amplification mechanisms
  • Depicts macroeconomic experiments related to ACE implementations


Upper-division undergraduate and graduate level students worldwide working in agent-based computational economics and finance

Table of Contents

  • Part 1 An Introduction to Agent-Based Computational Economics

    Part 2 Macroeconomic Agent-Based Computational Economics

    1 Decentralized Interacting Macroeconomic Models and the Agent Based "Modellaccio"

    2 AS-AD Representation of Macroeconomic Emergent Properties

    3 Macroeconomic ABM and DSGE Models

    4. Early Warning Indicator for Crises in an Agent Based Macro Model

    Part 3 Macroeconomic ABM: Perspectives and Implications

    5 Expectation Models in Agent-Based Computational Economics

    6. Experimental Economics for ABM Validation

    7. Econometric Methods for Agent Based Models

    8. Modeling the Joint Distribution of Income and Consumption in Italy: A Copula-Based Approach with k-generalized Margins

    9. A Networked Economy: A Survey on the Effect of Interaction in Credit Markets

Product details

  • No. of pages: 274
  • Language: English
  • Copyright: © Academic Press 2017
  • Published: August 3, 2017
  • Imprint: Academic Press
  • eBook ISBN: 9780128039038
  • Hardcover ISBN: 9780128038345

About the Editors

Mauro Gallegati

Mauro Gallegati is Professor of Economics at the Polytechnic University of Marche, Ancona. He earned his Ph.D. in Economics at the University of Ancona and has been visiting professor in several universities, including Stanford, MIT, and Columbia. His research includes business fluctuations, nonlinear dynamics, models of financial fragility and heterogeneous interacting agents. Mauro Gallegati is well known for his widely-cited work with Joseph E. Stiglitz, developing a theory of asymmetric information with heterogeneous agents. He has published papers in major journals in economics, economic history and history of economic analysis, nonlinear mathematics, complexity, and econophysics.

Affiliations and Expertise

Polytechnic University of Marche, Ancona, Italy

Antonio Palestrini

Antonio Palestrini is an Associate Professor of Economics at the Università Politecnica delle Marche, Ancona (Italy) where he obtained his Ph.D. in Economics. He was a vising post-doc at the University of Madison – Wisconsin (1999); a visiting scholar at the Department of Economics – University of Technology, Sidney (AUS) where he collaborated with Carl Chiarella (2001), and a visiting scholar at the Brookings Institute, Washington DC (USA) where he collaborated with Robert Axtell (2006). His main research interests are business cycles, industrial dynamics, financial fragility, and mathematical finance. He published in international journals such as "Journal of Economic Behavior and Organization," "Ecological Economics," "Macroeconomic Dynamics," "Journal of Economic Dynamics and Control," "Economics Letters," and "Information Sciences."

Affiliations and Expertise

Università Politecnica delle Marche, Anacona, Italy

Alberto Russo

Alberto Russo is Assistant Professor in Economics at the Università Politecnica delle Marche, Ancona (Italy). He obtained his Ph.D. in Economics from the University of Pisa. His research interests include agent-based macroeconomics, financial fragility and systemic risk, social classes and distribution, and experimental economics. He published in recognized journals such as JEDC, JEBO, and JEIC. He is Associate Editor of "Complexity Economics." He is also a member of the INET task force on macroeconomic externalities led by J.E. Stiglitz.

Affiliations and Expertise

Università Politecnica delle Marche, Ancona, Italy

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