Richiardi, Matteo G (2017) The Future of Agent-Based Modeling. Eastern Economic Journal, 43 (2). pp. 271-287. DOI https://doi.org/10.1057/s41302-016-0075-9
Richiardi, Matteo G (2017) The Future of Agent-Based Modeling. Eastern Economic Journal, 43 (2). pp. 271-287. DOI https://doi.org/10.1057/s41302-016-0075-9
Richiardi, Matteo G (2017) The Future of Agent-Based Modeling. Eastern Economic Journal, 43 (2). pp. 271-287. DOI https://doi.org/10.1057/s41302-016-0075-9
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 |
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Uncontrolled Keywords: | agent-based; simulation; macroeconomics; modularity |
Subjects: | H Social Sciences > HA Statistics H Social Sciences > HB Economic Theory |
Divisions: | Faculty of Social Sciences Faculty of Social Sciences > Institute for Social and Economic Research |
SWORD Depositor: | Unnamed user with email elements@essex.ac.uk |
Depositing User: | Unnamed user with email elements@essex.ac.uk |
Date Deposited: | 03 Oct 2018 11:45 |
Last Modified: | 30 Oct 2024 21:09 |
URI: | http://repository.essex.ac.uk/id/eprint/23193 |
Available files
Filename: MatteoRichiardiThefutureofAgentBasedmodelling.pdf