Journal of Economic Methodology 24 (4):1-26 (2017)
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Abstract |
Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these essential properties imply real-world economies are locally-constructive sequential games. This paper discusses a modeling approach, Agent-based Computational Economics, that permits researchers to study economic systems from this point of view. ACE modeling principles and objectives are first concisely presented and explained. The remainder of the paper then highlights challenging issues and edgier explorations that ACE researchers are currently pursuing.
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Keywords | Economic systems Local constructivity Sequential game Agent-based Computational Economics |
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Reprint years | 2017 |
DOI | 10.1080/1350178X.2017.1382068 |
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References found in this work BETA
The Architecture of Complexity.Herbert A. Simon - 1962 - Proceedings of the American Philosophical Society 106.
Generative Social Science: Studies in Agent-Based Computational Modeling.Joshua M. Epstein - 2006 - Princeton University Press.
Agent-Based Computational Economics: A Constructive Approach to Economic Theory.Leigh Tesfatsion - 2006 - In Leigh Tesfatsion & Kenneth L. Judd (eds.), Handbook of Computational Economics, Volume 2: Agent-Based Computational Economics. Elsevier.
Agent-Based Modeling: The Right Mathematics for the Social Sciences?Paul L. Borrill & Leigh Tesfatsion - 2011 - In J. B. Davis & D. W. Hands (eds.), Elgar Companion to Recent Economic Methodology. Edward Elgar Publishers. pp. 228.
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Citations of this work BETA
On the Connection Between Agent-Based Simulation and Methodological Individualism.Francesco Di Iorio & Shu-Heng Chen - 2019 - Social Science Information 58 (2):354-376.
Agent-Based Modeling: The Right Mathematics for the Social Sciences?Paul L. Borrill & Leigh Tesfatsion - 2011 - In J. B. Davis & D. W. Hands (eds.), Elgar Companion to Recent Economic Methodology. Edward Elgar Publishers. pp. 228.
Handbook of Computational Economics, Volume 2: Agent-Based Computational Economics.Leigh Tesfatsion & Kenneth L. Judd (eds.) - 2006 - Amsterdam, The Netherlands: Elsevier.
Social Epistemology and Validation in Agent-Based Social Simulation.David Anzola - 2021 - Philosophy and Technology 34 (4):1333-1361.
On Situational Analysis and the Explanatory Power of Mechanisms: Analytical Sociology and the Deductive-Nomological Model.Francesco Di Iorio & Enzo Di Nuoscio - 2022 - Social Science Information 61 (1):54-76.
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