Econometrics

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

Show description

Read Online or Download Handbook of computational economics, PDF

Similar econometrics books

Measurement Error and Latent Variables in Econometrics (Advanced Textbooks in Economics)

The e-book first discusses extensive numerous features of the well known inconsistency that arises whilst explanatory variables in a linear regression version are measured with blunders. regardless of this inconsistency, the area the place the genuine regression coeffecients lies can occasionally be characterised in an invaluable approach, in particular whilst bounds are recognized at the size mistakes variance but in addition whilst such info is absent.

Introduction to Estimating Economic Models

The book's entire insurance on the program of econometric the way to empirical research of monetary concerns is awesome. It uncovers the lacking hyperlink among textbooks on monetary idea and econometrics and highlights the strong connection among financial concept and empirical research completely via examples on rigorous experimental layout.

Exchange Rate Modelling

Are foreign currencies markets effective? Are basics very important for predicting trade price pursuits? what's the signal-to-ratio of excessive frequency alternate price adjustments? Is it attainable to outline a degree of the equilibrium trade fee that's necessary from an evaluation point of view? The publication is a selective survey of present considering on key themes in alternate cost economics, supplemented all through through new empirical facts.

The Macroeconomic Theory of Exchange Rate Crises

This booklet offers with the genesis and dynamics of alternate expense crises in mounted or controlled alternate cost platforms. It offers a complete therapy of the present theories of alternate price crises and of economic industry runs. It goals to supply a survey of either the theoretical literature on foreign monetary crises and a scientific remedy of the analytical versions.

Additional resources for Handbook of computational economics,

Example text

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.

Download PDF sample

Rated 4.50 of 5 – based on 38 votes