Article
Agent-based Modeling and Institutional Design
Eastern Economic Journal
Document Type
Article
Disciplines
Publication Version
Accepted Manuscript
Publication Date
1-1-2011
DOI
10.1057/eej.2010.34
Abstract
The recent economic crisis has led to calls for a comprehensive restructuring of energy, financial, health care, and educational systems. Critics worry that the restructuring of these complex institutional arrangements could produce adverse unintended consequences. Given these concerns, pre-testing of proposed changes is eminently desirable but also exceedingly difficult. This essay focuses on the potential use of agent-based modeling for studying proposed changes in institutional arrangements in advance of actual implementation. Ongoing agent-based research on the restructuring of electric power markets is used for concrete illustration.
Copyright Owner
EEA
Copyright Date
2011
Language
en
File Format
application/pdf
Citation Information
Leigh Tesfatsion. "Agent-based Modeling and Institutional Design" Eastern Economic Journal Vol. 37 Iss. 1 (2011) p. 13 - 19 Available at: http://works.bepress.com/leigh-tesfatsion/86/
This is a manuscript of an article from Eastern Economic Journal 37 (2011): 13, doi:10.1057/eej.2010.34. Posted with permission.