Agent-Based Computational Economics: How the idea originated and where it is going

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Shu-Heng Chen (National Chengchi University, Taiwan)

Agent-Based Computational Economics

How the idea originated and where it is going

Shu-Heng Chen (National Chengchi University, Taiwan)

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English

Routledge
12 February 2018

Psychological theory & schools of thought; Economic theory & philosophy; Microeconomics; Political economy

Series: Routledge Advances in Experimental and Computable Economics

This book aims to answer two questions that are fundamental to the study of agent-based economic models: what is agent-based computational economics and why do we need agent-based economic modelling of economy? This book provides a review of the development of agent-based computational economics (ACE) from a perspective on how artificial economic agents are designed under the influences of complex sciences, experimental economics, artificial intelligence, evolutionary biology, psychology, anthropology and neuroscience.

This book begins with a historical review of ACE by tracing its origins. From a modelling viewpoint, ACE brings truly decentralized procedures into market analysis, from a single market to the whole economy. This book also reviews how experimental economics and artificial intelligence have shaped the development of ACE. For the former, the book discusses how ACE models can be used to analyse the economic consequences of cognitive capacity, personality and cultural inheritance. For the latter, the book covers the various tools used to construct artificial adaptive agents, including reinforcement learning, fuzzy decision rules, neural networks, and evolutionary computation.

This book will be of interest to graduate students researching computational economics, experimental economics, behavioural economics, and research methodology.

By: Shu-Heng Chen (National Chengchi University Taiwan)
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 750g
ISBN: 9781138499713
ISBN 10: 1138499714
Series: Routledge Advances in Experimental and Computable Economics
Pages: 528
Publication Date: 12 February 2018
Audience: College/higher education , Primary , A / AS level
Format: Paperback
Publisher's Status: Active

Shu-Heng Chen is Distinguished Professor at the Department of Economics at National Chengchi University, Taiwan.

Reviews for Agent-Based Computational Economics: How the idea originated and where it is going

Chen's book is a meticulous scholarly study that should be of particular interest to economists with a good analytical background, a broad acquaintance with economic research, a strong interest in empirically grounded economic modeling, and a willingness to consider alternative viewpoints with an open mind. Leigh Tesfatsion, Iowa State University, Journal of Economic Literature