Campus Units

Economics

Document Type

Article

Publication Version

Accepted Manuscript

Publication Date

2011

Journal or Book Title

Eastern Economic Journal

Volume

37

Issue

1

First Page or Article ID Number

13

Last Page

19

DOI

10.1057/eej.2010.34

Abstract

The recent economic crisis has led to calls for a comprehensive restructuring of energy, financial, health care, and educational systems. Critics worry that the restructuring of these complex institutional arrangements could produce adverse unintended consequences. Given these concerns, pre-testing of proposed changes is eminently desirable but also exceedingly difficult. This essay focuses on the potential use of agent-based modeling for studying proposed changes in institutional arrangements in advance of actual implementation. Ongoing agent-based research on the restructuring of electric power markets is used for concrete illustration.

JEL Classification

C6, L1, Q4

Comments

This is a manuscript of an article from Eastern Economic Journal 37 (2011): 13, doi:10.1057/eej.2010.34. Posted with permission.

Copyright Owner

EEA

Language

en

File Format

application/pdf

Published Version

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