Preface
The explosive growth in computer power over the past several decades offers new tools and opportunities for economists. This second volume of the Handbook of Computational Economics focuses on agent-based computational economics (ACE), a computationally intensive method for developing and exploring new kinds of economic models. ACE is the computational study of economic processes modeled as dynamic systems of interacting agents who do not necessarily possess perfect rationality and information. Whereas standard economic models tend to stress equilibria, ACE models stress economic processes, local interactions among traders and other economic agents, and out-of-equilibrium dynamics that may or may not lead to equilibria in the long run. Whereas standard economic models require a careful consideration of equilibrium properties, ACE models require detailed specifications of structural conditions, institutional arrangements, and behavioral dispositions.
Year of publication: |
2006
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Authors: | Tesfatsion, Leigh ; Judd, Kenneth L. |
Published in: |
Handbook of computational economics : volume 2, Agent-based computational economics. - Amsterdam : Elsevier, ISBN 978-0-444-51253-6. - 2006, p. xi-xv
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