Agent Based Computational Economics [entry]

SpringerReference   unpublished
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 to the study of economic systems. This chapter discusses the key characteristics and goals of the ACE
more » ... thodology. Eight currently active research areas are highlighted for concrete illustration. Potential advantages and disadvantages of the ACE methodology are considered, along with open questions and possible directions for future research. Keywords: Agent-based computational economics; autonomous agents; interaction networks; learning; evolution; mechanism design; computational experiments; object-oriented programming. * This survey is a modified version of [103] , which was directed more specifically to artificial life researchers.
doi:10.1007/springerreference_60178 fatcat:nesfwgpd45bmdfk73zkg3c4oku