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−  ===AgentBased 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 lowprobability event lying in a relatively small peak of the outcome of distribution for this true datagenerating 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
 