Economics Working Papers
Publication Date
3-29-2021
Number
21004
Abstract
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.
JEL Classification
C6
Version History
Original Release Date: March 29, 2021
Departments
Department of Economics, Iowa State University
File Format
application/pdf
Length
13 pages
Recommended Citation
Tesfatsion, Leigh, "Agent-Based Computational Economics: Overview and Brief History" (2021). Economics Working Papers: Department of Economics, Iowa State University. 21004.
https://lib.dr.iastate.edu/econ_workingpapers/126
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Econometrics Commons, Economic Theory Commons, Numerical Analysis and Scientific Computing Commons, Theory and Algorithms Commons
