This chapter examines the relationship between agent-based modeling and economic decision-making experiments with human subjects. Both approaches exploit controlled "laboratory" conditions as a means of isolating the sources of aggregate phenomena. Research findings from laboratory studies of...

This chapter explores the state of the emerging practice of designing markets by the use of agent-based modeling, with special reference to electricity markets and computerized (on-line) markets, perhaps including real-life electronic agents as well as human traders. The paper first reviews the...

An agent-based model is a virtual world comprising distributed heterogeneous agents who interact over time. In a spatial agent-based model the agents are situated in a spatial environment and are typically assumed to be able to move in various ways across this environment. Some kinds of social...

Standard neoclassical economics asks what agents' actions, strategies, or expectations are in equilibrium with (consistent with) the outcome or pattern these behaviors aggregatively create. Agent-based computational economics enables us to ask a wider question: how agents' actions, strategies,...

Various approaches used in Agent-based Computational Economics (ACE) to model endogenously determined interactions between agents are discussed. This concerns models in which agents not only (learn how to) play some (market or other) game, but also (learn to) decide with whom to do that (or not).

Social-ecological systems are complex adaptive systems where social and biophysical agents are interacting at multiple temporal and spatial scales. The main challenge for the study of governance of social-ecological systems is improving our understanding of the conditions under which cooperative...

Acceptance of computer modeling and experimentation has spread slowly at best in economics in large part because agent-based models often seem foreign to the neoclassical core of economics, as that core is understood today. But in its beginnings neoclassical economics was not built from choice...

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...

This handbook comprises 16 chapters surveying agent-based computational economics research, 6 shorter essays providing personal perspectives, and a "getting started" guide for newcomers to agent-based modeling in the social sciences. Research topics covered include: learning representations for...