Document Type

Report

Publication Date

7-1998

Number

45

Abstract

Agent-based computational economics (ACE) is roughly defined as the computational study of economies modeled as evolving decentralized systems of autonomous interacting agents. A key focus of ACE research is understanding how global regularities' arise from the-bottom^up, through the repeated local interactions-of autonomous agents channeled through socioeconomic institutions, rather than from top down coordination mechanisms such as imposed market clearing constraints or an assumption of single representative agents. This paper discusses how ACE materials have been.introduced into graduate-level courses in macroeconomic theory over the past several years, using an ACE labor market framework for concrete illustration...