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Agent-based computational economics
Scholarpedia
  • Leigh Tesfatsion, Iowa State University
Document Type
Book Chapter
Publication Version
Published Version
Publication Date
1-1-2007
Abstract
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.
Comments

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

Rights
This work is made available under a Creative Commons BY-NC-SA license.
Copyright Owner
The Authors
Language
en
File Format
application/pdf
Citation Information
Leigh Tesfatsion. "Agent-based computational economics" Scholarpedia Vol. 2 Iss. 2 (2007) p. 1970
Available at: http://works.bepress.com/leigh-tesfatsion/45/