Agent-Based Computational Economics

Agent-based Computational Economics (ACE) is the computational study of economic processes modeled as dynamic systems of interacting agents.

[edit] Overview

The "agents" in ACE models can represent individuals (e.g. people), social groupings (e.g. firms), biological entities (e.g. growing crops), and/or physical systems (e.g. transport systems). It fosters a culture-dish approach to the study of economic systems.

The ACE modeler provides the initial configuration of a computational economic system comprising multiple interacting agents. The modeler then steps back to observe the development of the system over time without further intervention. In particular, system events should be driven by agent interactions without external imposition of equilibrium conditions.^[1]

ACE is an officially designated Special Interest Group (SIG) of the Society for Computational Economics.^[2] Researchers at the Santa Fe Institute have contributed to the development of ACE.

[edit] See also

• Computational economics
• Agent based model
• Multi-agent system
• Model (macroeconomics)

[edit] References

[edit] External links

• Agent Based Computational Economics - Leigh Tesfatsion's website on ACE at Iowa State University
• The Use of Agent-Based Models in Regional Science - a study on agent-based models to simulate urban agglomeration

This article related to macroeconomics is a stub. You can help Wikipedia by expanding it.