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Agent-Based Computational Laboratories for the Experimental Study of Complex Economic Systems
Tesfatsion, Leigh - Society for Computational Economics - SCE - 2005
for an agent-based computational economics (ACE) course, Econ 308, offered each Spring as part of the undergraduate … economics curriculum at Iowa State University. ACE is the computational study of economies modeled as dynamic systems of … embodied mind; network economics; and the experimental study of specific types of market processes (labor, financial …
Persistent link: https://www.econbiz.de/10005706274
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Optimal Monetary Policy when Agents are Learning
Molnar, Krisztina; Santoro, Sergio - Society for Computational Economics - SCE - 2006
Most studies of optimal monetary policy under learning rely on optimality conditions derived for the case when agents have rational expectations. In this paper, we derive optimal monetary policy in an economy where the Central Bank knows, and makes active use of, the learning algorithm agents...
Persistent link: https://www.econbiz.de/10005132608
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Emergence in multi-agent systems:Cognitive hierarchy, detection, and complexity reduction
Dessalles, Jean Louis; Phan, Denis - Society for Computational Economics - SCE - 2005
a cognitive and an economics point of view. The first part discuses the ontological and epistemic dimension of emergence …
Persistent link: https://www.econbiz.de/10005132683
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Learning Dynamics in an Artificial Currency Market
Georges, Christophre - Society for Computational Economics - SCE - 2001
This paper considers the behavior of the exchange rate in a very simple artificial currency market with two currencies and artificial agents who evolve their forecast rules over time via a genetic algorithm. I consider two simple forecast rules, one linear and the other non-linear. Under the...
Persistent link: https://www.econbiz.de/10005132895
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E-consumers' search and emerging structure of B-to-C coalitions
Laye, Jacques; Lina, Charis; Tanguy, Herve - Society for Computational Economics - SCE - 2006
We have developed an agent-based computational model, extension of an analytical model1 that studies the structure of coalitions of B-to-C web sites, when Internet buyers incur search costs for finding the good that matches their preferences, and coalitions of sites reduce this cost through...
Persistent link: https://www.econbiz.de/10005342857
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On learnability of E–stable equilibria
Slobodyan, Sergey; Christev, Atanas - Society for Computational Economics - SCE - 2006
While under recursive least squares learning the dynamics of the economy converges to rational expectations equilibria (REE) which are E–stable, some recent examples propose that E–stability is not a sufficient condition for learnability. In this paper, we provide some further...
Persistent link: https://www.econbiz.de/10005342872
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Caution or Activism? Monetary Policy Strategies in an Open Economy
Ellison, Martin; Sarno, Lucio; Vilmunen, Jouko - Society for Computational Economics - SCE - 2006
We examine optimal policy in an open-economy model with uncertainty and learning, where monetary policy actions affect the economy through the real exchange rate channel. Our results show that the degree of caution or activism in optimal policy depends on whether central banks are in coordinated...
Persistent link: https://www.econbiz.de/10005342876
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Sufficient Conditions and Necessary Conditions for delta-stability
Bogomolova, Anna; Kolyuzhnov, Dmitri - Society for Computational Economics - SCE - 2006
We provide sufficient conditions and necessary conditions for stability of an economy under structural mixed recursive least squares/stochastic gradient heterogeneous learning of agents with possibly different degrees of inertia. We have found a unifying condition which is sufficient for...
Persistent link: https://www.econbiz.de/10005342904
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Stochastic Gradient versus Recursive Least Squares Learning
Slobodyan, Sergey; Bogomolova, Anna; Kolyuzhnov, Dmitri - Society for Computational Economics - SCE - 2006
In this paper we perform an in—depth investigation of relative merits of two adaptive learning algorithms with constant gain, Recursive Least Squares (RLS) and Stochastic Gradient (SG), using the Phelps model of monetary policy as a testing ground. The behavior of the two learning...
Persistent link: https://www.econbiz.de/10005342959
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Firm Structure, Search and Environmental Complexity
Hanaki, Nobuyuki; Barr, Jason - Society for Computational Economics - SCE - 2005
In this paper we explore the information processing problem of the firm by modeling the firm as type of network, which is comprised of two kinds of agents, 'searchers' and 'managers.' The searchers explore the external environment and report the information to the managers. We explore the role...
Persistent link: https://www.econbiz.de/10005345065