Agent-based computational economics: modeling economies as complex adaptive systems

  • Authors:
  • Leigh Tesfatsion

  • Affiliations:
  • Department of Economics, Iowa State University, Ames, IA

  • Venue:
  • Information Sciences—Informatics and Computer Science: An International Journal
  • Year:
  • 2003

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Abstract

Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Thus, ACE is a specialization to economics of the basic complex adaptive systems paradigm. This paper outlines the main objectives and defining characteristics of the ACE methodology, and discusses several active research areas.