Creator of Knowledge
Information Resources Management Association
Advancing the Concepts & Practices of Information Resources Management in Modern Organizations

Agent-Based Computational Economics

Agent-Based Computational Economics
View Sample PDF
Author(s): C. Bruun (Aalborg University, Denmark)
Copyright: 2007
Pages: 15
Source title: Handbook of Research on Nature-Inspired Computing for Economics and Management
Source Author(s)/Editor(s): Jean-Philippe Rennard (Grenoble Graduate School of Business, France)
DOI: 10.4018/978-1-59140-984-7.ch014


View Agent-Based Computational Economics on the publisher's website for pricing and purchasing information.


This chapter argues that the economic system is best perceived as a complex adaptive system, and as such, the traditional analytical methods of economics are not optimal for its study. Agent-based computational economics (ACE) studies the economic system from the bottom up and recognizes interaction between autonomous agents as the central mechanism in generating the self-organizing features of economic systems. Besides a discussion of this new economic methodology, a short how-to introduction is given, and the problem of constraining economics as a science within the ACE approach is raised. It is argued that ACE should be perceived as a new methodological approach to the study of economic systems rather than a new approach to economics, and that the use of ACE should be anchored in existing economic theory.

Related Content

Mohamed Arezki Mellal. © 2022. 9 pages.
Tahir Cetin Akinci, Ramazan Caglar, Gokhan Erdemir, Aydin Tarik Zengin, Serhat Seker. © 2022. 11 pages.
Sunanda Hazra, Provas Kumar Roy. © 2022. 16 pages.
Ragab A. El-Sehiemy, Almoataz Y. Abdelaziz. © 2022. 23 pages.
Khaled Dassa, Abdelmadjid Recioui. © 2022. 35 pages.
Anupama Kumari, Mukund Madhaw, C. B. Majumder, Amit Arora. © 2022. 21 pages.
Mandrita Mondal. © 2022. 20 pages.
Body Bottom