Agent-Based Models in Economics - A Toolkit

The first step-by-step introduction to the methodology of agent-based models in economics, their mathematical and statistical analysis, and real-world applications.

List of contents

1. Introduction; 2. Agent-based computational economics: what, why, when; 3. Agent-based models as recursive systems; 4. Rationality, behaviour and expectations; 5. Agents' behaviour and learning; 6. Interaction; 7. The agent-based experiment; 8. Empirical validation of agent-based models; 9. Estimation of agent-based models; 10. Epilogue.

Summary

Edited by several of the leading figures in the field, this is the first book to provide a state-of-the-art, accessibly written methodological introduction to the tools and techniques of agent-based modelling. Using these building blocks, readers will learn how to design, simulate, and validate agent-based models in economics.

Additional text

Advance praise: 'The authors conceive of economies as complex systems of heterogeneous interacting agents with bounded rationality and limited information, and they view agent-based modeling as a necessary tool for the exploration of such systems. In this book the authors provide a comprehensive introduction to agent-based modeling. Although macroeconomic applications are stressed, the coverage of topics such as rationality, behavior, expectations, and learning will be of value for many other applications as well. A particularly welcome aspect of the book is its attention to historical antecedents and its inclusion of chapters devoted to empirical validation and estimation issues.' Leigh Tesfatsion, Iowa State University

Product details

• Authors: Domenico (Universita Cattolica Del Sa Delli Gatti, Domenico Delli (Universita Cattolica Del Sa Gatti
• Assisted by: Domenico Delli Gatti (Editor), Giorgio Fagiolo (Editor), Mauro Gallegati (Editor), Domenico Delli (Universit... Cattolica del Sacro Cuore Gatti (Editor), Matteo Richiardi (Editor), Matteo (Universit... degli Studi di Torino Richiardi (Editor), Richiardi Matteo (Editor), Alberto Russo (Editor)
• Publisher: Cambridge University Press ELT
• Languages: English
• Product format: Hardback
• Released: 30.06.2018
• EAN: 9781108414999
• ISBN: 978-1-108-41499-9
• No. of pages: 260
• Subjects: Social sciences, law, business > Business > Miscellaneous; BUSINESS & ECONOMICS / Econometrics, macroeconomics, game theory, Mathematical theory of computation, Mathematical modelling, Econometrics, Econometrics and economic statistics