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

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