Download Handbook of computational economics, by Leigh Tesfatsion, Kenneth L. Judd PDF

By Leigh Tesfatsion, Kenneth L. Judd

The explosive progress in computational strength during the last a number of a long time bargains new instruments and possibilities for economists. This guide quantity surveys fresh examine on Agent-based Computational Economics (ACE), the computational research of financial techniques modeled as dynamic structures of interacting brokers. Empirical referents for "agents" in ACE versions can variety from contributors or social teams with studying features to actual international good points with out cognitive functionality. themes lined comprise: studying; empirical validation; community economics; social dynamics; monetary markets; innovation and technological switch; firms; marketplace layout; automatic markets and buying and selling brokers; political financial system; social-ecological platforms; computational laboratory improvement; and normal methodological concerns. *Every quantity comprises contributions from major researchers *Each instruction manual offers a correct, self-contained survey of a specific subject *The sequence presents complete and available surveys

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Tesfatsion Table 3 A Computational Firm agent Firm { Public Access: // Public Methods getWorldEventSchedule(clock time); getWorldProtocol(ownership of stock shares); getWorldProtocol(collusion among firms); getWorldProtocol(insolvency of firms); getMarketProtocol(posting of supply offers); getMarketProtocol(trading process); Methods for retrieving stored Firm data; Methods for receiving data. Private Access: // Private Methods Methods for gathering, storing, and sending data; Method for selecting my supply offers; Method for rationing my customers; Method for recording my sales; Method for calculating my profits; Method for allocating my profits to my shareholders; Method for calculating my net worth; Methods for changing my methods.

This application has both advantages and disadvantages relative to more standard modeling approaches. 13 ACE methodological issues are addressed by many of the authors in this handbook. See, in particular, the contributions by Arthur (2006), Axelrod (2006), Brenner (2006), Dibble (2006), Duffy (2006), Epstein (2006), Howitt (2006), Judd (2006), Leijonhufvud (2006), and Schelling (2006). Ch. 16: Agent-Based Computational Economics 843 On the plus side, as in industrial organization theory [Tirole (2003)], agents in ACE models can be represented as interactive goal-directed entities, strategically aware of both competitive and cooperative possibilities with other agents.

Firms and consumers update their methods // and data based on their search and trade // experiences. } } A fourth primary objective is methodological advancement: how best to provide ACE researchers with the methods and tools they need to undertake the rigorous study of economic systems through controlled computational experiments? To produce compelling analyses, ACE researchers need to model the salient structural, institutional, and behavioral characteristics of economic systems. They need to formulate interesting theoretical propositions about their models, evaluate the logical validity of these propositions by means of carefully crafted experimental designs, and condense and report information from their experiments in a clear and compelling manner.

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