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Agent-Based Modelling in Economics

Hamill, L and Gilbert, N (2015) Agent-Based Modelling in Economics John Wiley & Sons. ISBN 1118456076

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New methods of economic modelling have been sought as a result of the global economic downturn in 2008. This unique book highlights the benefits of an agent-based modelling (ABM) approach. It demonstrates how ABM can easily handle complexity: heterogeneous people, households and firms interacting dynamically. Unlike traditional methods, ABM does not require people or firms to optimise or economic systems to reach equilibrium. ABM offers a way to link micro foundations directly to the macro situation. Key features: • Introduces the concept of agent-based modelling and shows how it differs from existing approaches. • Provides a theoretical and methodological rationale for using ABM in economics, along with practical advice on how to design and create the models. • Starts each chapter with a short summary of the relevant economic theory and then shows how to apply ABM. • Explores both topics covered in basic economics textbooks and current important policy themes; unemployment, exchange rates, banking and environmental issues. • Describes the models in pseudocode, enabling the reader to develop programs in their chosen language. • Is supported by a website featuring the NetLogo models described in the book. Agent-based Modelling in Economics provides students and researchers with the skills to design, implement, and analyze agent-based models. Third year undergraduate, master and doctoral students, faculty and professional economists will find this book an invaluable resource.

Item Type: Book
Subjects : Economics, computer simulation
Divisions : Faculty of Arts and Social Sciences > Department of Sociology
Authors :
Date : 7 December 2015
Copyright Disclaimer : Copyright 2015 John Wiley & Sons Ltd
Uncontrolled Keywords : Economics, computer simulation
Related URLs :
Additional Information : Copyright 2015 John Wiley & Sons Ltd
Depositing User : Symplectic Elements
Date Deposited : 06 Jan 2016 14:28
Last Modified : 08 Apr 2016 08:33

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