Economics With Heterogeneous Interacting Agents
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| Author | : Alessandro Caiani |
| Publisher | : Springer |
| Total Pages | : 219 |
| Release | : 2016-09-21 |
| Genre | : Business & Economics |
| ISBN | : 3319440586 |
This book offers a practical guide to Agent Based economic modeling, adopting a “learning by doing” approach to help the reader master the fundamental tools needed to create and analyze Agent Based models. After providing them with a basic “toolkit” for Agent Based modeling, it present and discusses didactic models of real financial and economic systems in detail. While stressing the main features and advantages of the bottom-up perspective inherent to this approach, the book also highlights the logic and practical steps that characterize the model building procedure. A detailed description of the underlying codes, developed using R and C, is also provided. In addition, each didactic model is accompanied by exercises and applications designed to promote active learning on the part of the reader. Following the same approach, the book also presents several complementary tools required for the analysis and validation of the models, such as sensitivity experiments, calibration exercises, economic network and statistical distributions analysis. By the end of the book, the reader will have gained a deeper understanding of the Agent Based methodology and be prepared to use the fundamental techniques required to start developing their own economic models. Accordingly, “Economics with Heterogeneous Interacting Agents” will be of particular interest to graduate and postgraduate students, as well as to academic institutions and lecturers interested in including an overview of the AB approach to economic modeling in their courses.
| Author | : Thomas Lux |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 326 |
| Release | : 2006-06-06 |
| Genre | : Business & Economics |
| ISBN | : 3540272968 |
Economic application of nonlinear dynamics, microscopic agent-based modelling, and the use of artificial intelligence techniques as learning devices of boundedly rational actors are among the most exciting interdisciplinary ventures of economic theory over the past decade. This volume provides us with a most fascinating series of examples on "complexity in action" exemplifying the scope and explanatory power of these innovative approaches.
| Author | : Alan Kirman |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 340 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642564720 |
This book analyses situations in which individual agents, who might be different from each other, interact and produce behaviour on the aggregate level which does not correspond to that of the average actor. This leads to aggregate outcomes which would be impossible to explain in a more standard approach. Aggregation generates structure and, as a result, interaction and heterogeneity can be handled and we no longer have to rely on the over-simplified reduction of the behaviour of the economy to that of a "rational" individual.
| Author | : Cars Hommes |
| Publisher | : Elsevier |
| Total Pages | : 836 |
| Release | : 2018-06-27 |
| Genre | : Business & Economics |
| ISBN | : 0444641327 |
Handbook of Computational Economics: Heterogeneous Agent Modeling, Volume Four, focuses on heterogeneous agent models, emphasizing recent advances in macroeconomics (including DSGE), finance, empirical validation and experiments, networks and related applications. Capturing the advances made since the publication of Volume Two (Tesfatsion & Judd, 2006), it provides high-level literature with sections devoted to Macroeconomics, Finance, Empirical Validation and Experiments, Networks, and other applications, including Innovation Diffusion in Heterogeneous Populations, Market Design and Electricity Markets, and a final section on Perspectives on Heterogeneity. - Helps readers fully understand the dynamic properties of realistically rendered economic systems - Emphasizes detailed specifications of structural conditions, institutional arrangements and behavioral dispositions - Provides broad assessments that can lead researchers to recognize new synergies and opportunities
| Author | : Domenico Delli Gatti |
| Publisher | : Cambridge University Press |
| Total Pages | : 261 |
| Release | : 2018-03-22 |
| Genre | : Business & Economics |
| ISBN | : 1108414990 |
The first step-by-step introduction to the methodology of agent-based models in economics, their mathematical and statistical analysis, and real-world applications.
| Author | : Ruben Mercado |
| Publisher | : Cambridge University Press |
| Total Pages | : 197 |
| Release | : 2021-11-04 |
| Genre | : Business & Economics |
| ISBN | : 1316517098 |
An introductory overview of the methods, models and interdisciplinary links of artificial economics. Addresses the differences between the assumptions and methods of artificial economics and those of mainstream economics. This is one of the first books to fully address, in an intuitive and conceptual form, this new way of doing economics.
| Author | : Cars Hommes |
| Publisher | : Cambridge University Press |
| Total Pages | : 273 |
| Release | : 2013-01-24 |
| Genre | : Business & Economics |
| ISBN | : 110701929X |
Recognising that the economy is a complex system with boundedly rational interacting agents, applies complexity modelling to economics and finance.
| Author | : Anindya S. Chakrabarti |
| Publisher | : Springer Nature |
| Total Pages | : 454 |
| Release | : 2019-10-23 |
| Genre | : Business & Economics |
| ISBN | : 9811383197 |
This book presents the latest findings on network theory and agent-based modeling of economic and financial phenomena. In this context, the economy is depicted as a complex system consisting of heterogeneous agents that interact through evolving networks; the aggregate behavior of the economy arises out of billions of small-scale interactions that take place via countless economic agents. The book focuses on analytical modeling, and on the econometric and statistical analysis of the properties emerging from microscopic interactions. In particular, it highlights the latest empirical and theoretical advances, helping readers understand economic and financial networks, as well as new work on modeling behavior using rich, agent-based frameworks. Innovatively, the book combines observational and theoretical insights in the form of networks and agent-based models, both of which have proved to be extremely valuable in understanding non-linear and evolving complex systems. Given its scope, the book will capture the interest of graduate students and researchers from various disciplines (e.g. economics, computer science, physics, and applied mathematics) whose work involves the domain of complexity theory.
| Author | : Mauro Gallegati |
| Publisher | : Academic Press |
| Total Pages | : 276 |
| Release | : 2017-08-03 |
| Genre | : Business & Economics |
| ISBN | : 0128039035 |
Introduction to Agent-Based Economics describes the principal elements of agent-based computational economics (ACE). It illustrates ACE's theoretical foundations, which are rooted in the application of the concept of complexity to the social sciences, and it depicts its growth and development from a non-linear out-of-equilibrium approach to a state-of-the-art agent-based macroeconomics. The book helps readers gain a better understanding of the limits and perspectives of the ACE models and their capacity to reproduce economic phenomena and empirical patterns. - Reviews the literature of agent-based computational economics - Analyzes approaches to agents' expectations - Covers one of the few large macroeconomic agent-based models, the Modellaccio - Illustrates both analytical and computational methodologies for producing tractable solutions of macro ACE models - Describes diffusion and amplification mechanisms - Depicts macroeconomic experiments related to ACE implementations
| Author | : Lynne Hamill |
| Publisher | : John Wiley & Sons |
| Total Pages | : 256 |
| Release | : 2016-01-19 |
| Genre | : Social Science |
| ISBN | : 1118456076 |
Agent-based modelling in economics Lynne Hamill and Nigel Gilbert, Centre for Research in Social Simulation (CRESS), University of Surrey, UK New methods of economic modelling have been sought as a result of the global economic downturn in 2008.This unique book highlights the benefits of an agent-based modelling (ABM) approach. It demonstrates how ABM can easily handle complexity: heterogeneous people, households and firms interacting dynamically. Unlike traditional methods, ABM does not require people or firms to optimise or economic systems to reach equilibrium. ABM offers a way to link micro foundations directly to the macro situation. Key features: Introduces the concept of agent-based modelling and shows how it differs from existing approaches. Provides a theoretical and methodological rationale for using ABM in economics, along with practical advice on how to design and create the models. Each chapter starts with a short summary of the relevant economic theory and then shows how to apply ABM. Explores both topics covered in basic economics textbooks and current important policy themes; unemployment, exchange rates, banking and environmental issues. Describes the models in pseudocode, enabling the reader to develop programs in their chosen language. Supported by a website featuring the NetLogo models described in the book. Agent-based Modelling in Economics provides students and researchers with the skills to design, implement, and analyze agent-based models. Third year undergraduate, master and doctoral students, faculty and professional economists will find this book an invaluable resource.
