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Agent-Based Computational Economics

Agent-Based Computational Economics
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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

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Abstract

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.

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