An Agent-Based Model That Relates Investment in Education to Economic Prosperity

Authors:
Yuqing Tang;Simon Parsons;Elizabeth Sklar
Affiliations:
Department of Computer Science Graduate Center, City University of New York, New York, USA NY 10016;Department of Computer Science Graduate Center, City University of New York, New York, USA NY 10016 and Department of Computer & Information Science Brooklyn College, City University of New York, ...;Department of Computer Science Graduate Center, City University of New York, New York, USA NY 10016 and Department of Computer & Information Science Brooklyn College, City University of New York, ...
Venue:
Multi-Agent-Based Simulation VIII
Year:
2008

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Abstract

This paper describes some experiments with an agent-based model designed to capture the relationship between the investment that a society makes in education in one generation, and the outcome in terms of the health of the society's economy in ensuing generations. The model we use is a multiagent simulation derived from an equation-based model in the economics literature. The equation-based model is used to establish parameterized sets of agent behaviors and environmental characteristics. Agents are divided into three chronological categories: students, adults and pensioners; and each responds to and affects the environment in different ways, in terms of both human and physical capital. We explore the effects of different parameter settings on the education investment of a society and the resulting economic growth.