Article
Agent-Based Computational Economics: Growing Economies from the Bottom Up
Artificial Life
Document Type
Article
Disciplines
Publication Version
Published Version
Publication Date
1-1-2002
Abstract
Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Thus, ACE is a specialization of economics of the basic complex adaptive systems paradigm. This study outlines the main objectives and defining characteristics of the ACE methodology and discusses similarities and distinctions between ACE and artificial life research. Eight ACE research areas are identified, and a number of publications in each area are highlighted for concrete illustration. Open questions and directions for future ACE research are also considered. The study concludes with a discussion of the potential benefits associated with ACE modeling, as well as some potential difficulties.
Copyright Owner
Massachusetts Institute of Technology
Copyright Date
2002
Language
en
File Format
application/pdf
Citation Information
Leigh Tesfatsion. "Agent-Based Computational Economics: Growing Economies from the Bottom Up" Artificial Life Vol. 8 Iss. 1 (2002) p. 55 - 82 Available at: http://works.bepress.com/leigh-tesfatsion/72/
This is an article from Artificial Life 8 (2002): 55. Posted with permission.