Difference between revisions of "Papers on economic Agent-Based simulation"

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===Agent-Based Computational Economics: A Constructive Approach to Economic Theory===
 
Leigh Tesfatsion
 
*Uses Walrasian Auctioneer pricing mechanism: simultaneous auction where each agent calculates its demand for the good at every possible price and submits this to auctioneer.
 
*ACE works differently than other models: Events driven by agent interactions after initial conditions: going TOWARDS equilibrium rather than starting with one.
 
*Disadvantages: validating ACE model outcomes against empirical data. An empirically observed outcome might be a low-probability event lying in a relatively small peak of the outcome of distribution for this true data-generating process, or in a thin tail of this distribution.
 
  
The ACE Trading World
 
Initial conditions
 
*0 to T periods, finite number of profit seeking hash and bean firms, finite number of consumers
 
*Each firm has positive amount of money and production capacity
 

Latest revision as of 16:45, 30 September 2008