Scientists seek to understand how real-world systems work. Models devised for scientific purposes must always simplify reality. However, scientists should be permitted to tailor these simplifications to purposes at hand; they should not be forced to distort reality in specific predetermined ways in order to apply a modeling approach. Adherence to this modeling precept was a key goal motivating my development of Agent-Based Computational Economics (ACE), a variant of agent-based modeling characterized by seven specific modeling principles. This perspective provides an overview of ACE and a brief history of its development.
Original Release Date: March 29, 2021
Department of Economics, Iowa State University
Tesfatsion, Leigh, "Agent-Based Computational Economics: Overview and Brief History" (2021). Economics Working Papers: Department of Economics, Iowa State University. 21004.