AGENT-BASED MODELS IN ECONOMICS : A Toolkit
Language: English Publication details: New York Cambridge University Press 2018/01/01Edition: 1Description: 241ISBN:- 9781108414999
- 330.015195 AGE
Item type | Current library | Collection | Call number | Status | Date due | Barcode | |
---|---|---|---|---|---|---|---|
Reference | Ernakulam Public Library Reference | Reference | 330.015195 AGE (Browse shelf(Opens below)) | Not for loan | E193629 |
In contrast to mainstream economics, complexity theory conceives the economy as a complex system of heterogeneous interacting agents characterised by limited information and bounded rationality. Agent Based Models (ABMs) are the analytical and computational tools developed by the proponents of this emerging methodology. Aimed at students and scholars of contemporary economics, this book includes a comprehensive toolkit for agent-based computational economics, now quickly becoming the new way to study evolving economic systems. Leading scholars in the field explain how ABMs can be applied fruitfully to many real-world economic examples and represent a great advancement over mainstream approaches. The essays discuss the methodological bases of agent-based approaches and demonstrate step-by-step how to build, simulate and analyse ABMs and how to validate their outputs empirically using the data. They also present a wide set of applications of these models to key economic topics, including the business cycle, labour markets, and economic growth.
1. Heterogeneity in a neoclassical World
2. Agent Based Computational Economics
3.. Agent Based Models as Recursive System
4. Rationality, Behavior and Expectations
5. Agent's Behavior and Learning
6. Interaction
7. The Agent- Based Experiment
8. Empirical Validation of Agent- Based Models
9. Estimation of agent Based Models
10. Epilogue
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