Complexity Economics And Agent- Based Computational Economics

Agent-Based Computational Economics and Cognitive Economics

This paper provides a short introduction to Agent-based Computational Economics (ACE), in order to underline the interest of such an approach in cognitive economics. Section 2 provides a brief bird’s eye view of ACE. In section 3, some interesting features of the Santa-Fe Approach to complexity are then introduced by taking simple examples using the Moduleco computational laboratory. Section 4 ...

Agent - based Computational Economics

In a nutshell, agent-based models (ABM) are models, i.e. abstract representation of the reality, in which (i) a multitude of objects interact with each other and with the environment, (ii) the objects are autonomous, i.e. there is no central, or “top down” control over their behavior , and (iii) the outcome of their interaction is numerically computed. Since the objects are autonomous, they are...

Agent-based computational economics

Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Starting from initial conditions, specified by the modeler, the computational economy evolves over time as its constituent agents repeatedly interact with each other and learn from these interactions. ACE is therefore a bottom-up culture-dish approach t...

Agent Based Models in Economics and Complexity

Herbert Simon and Agent-Based Computational Economics

In this article, we review the development of agent-based computational economics (ACE) in light of Herbert Simon’s lifetime contributions to a variety of scientific areas. We take an integrated view of Simon’s contributions to economics, computational-theoretic underpinnings of bounded rationality (algorithmic foundations of behavioral economics), artificial intelligence, expert systems, probl...