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The Future of Agent-Based Modeling

Richiardi, Matteo G (2017) 'The Future of Agent-Based Modeling.' Eastern Economic Journal, 43 (2). 271 - 287. ISSN 0094-5056

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Abstract

In this paper, I elaborate on the role of agent-based (AB) modeling for macroeconomic research. My main tenet is that the full potential of the AB approach has not been realized yet. This potential lies in the modular nature of the models, which is bought by abandoning the straitjacket of rational expectations and embracing an evolutionary perspective. I envisage the foundation of a Modular Macroeconomic Science, where new models with heterogeneous interacting agents, endowed with partial information and limited computational ability, can be created by recombining and extending existing models in a unified computational framework.

Item Type: Article
Subjects: H Social Sciences > HA Statistics
H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Institute for Social and Economic Research
Depositing User: Elements
Date Deposited: 03 Oct 2018 11:45
Last Modified: 03 Oct 2018 11:45
URI: http://repository.essex.ac.uk/id/eprint/23193

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