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Agent-based computational economics
  • Leigh Tesfatsion, Iowa State University
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Agent-based computational economics (ACE) is the computational study of economic processes modeled as dynamic systems of interacting agents. Here agentrefers broadly to a bundle of data and behavioral methods representing an entity constituting part of a computationally constructed world. Examples of possible agents include individuals (e.g. consumers, producers), social groupings (e.g. families, firms, communities, government agencies), institutions (e.g. markets, regulatory systems), biological entities (e.g. crops, livestock, forests), and physical entities (e.g. infrastructure, weather, and geographical regions). Thus, agents can range from active data-gathering decision makers with sophisticated embodied cognitive capabilities to passive world features with no cognitive function.

This is an index entry published in Scholarpedia 2 (2007): 1970. Posted with permission.

This work is made available under a Creative Commons BY-NC-SA license.
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Leigh Tesfatsion. "Agent-based computational economics" Scholarpedia Vol. 2 Iss. 2 (2007) p. 1970
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