Title

Agent-based computational economics

Campus Units

Economics

Document Type

Book Chapter

Publication Version

Published Version

Publication Date

2007

Journal or Book Title

Scholarpedia

Volume

2

Issue

2

First Page or Article ID Number

1970

Abstract

Agent-based computational economics (ACE) is the computational study of economic processes modeled as dynamic systems of interacting agents. Here agentrefers broadly to a bundle of data and behavioral methods representing an entity constituting part of a computationally constructed world.

Examples of possible agents include individuals (e.g. consumers, producers), social groupings (e.g. families, firms, communities, government agencies), institutions (e.g. markets, regulatory systems), biological entities (e.g. crops, livestock, forests), and physical entities (e.g. infrastructure, weather, and geographical regions). Thus, agents can range from active data-gathering decision makers with sophisticated embodied cognitive capabilities to passive world features with no cognitive function.

Comments

This is an index entry published in Scholarpedia 2 (2007): 1970. Posted with permission.

Rights

This work is made available under a Creative Commons BY-NC-SA license.

Copyright Owner

The Authors

Language

en

File Format

application/pdf