Modeling macroeconomies as open-ended dynamic systems of interacting agents

  • LeBaron B
  • Tesfatsion L
  • 98


    Mendeley users who have this article in their library.
  • 92


    Citations of this article.


The author reports on agent-based computational economics (ACE) model and its computational study of the economics process. The place in which interactions by economic agents play in the ACE model is discussed. Criteria which the author feels needs to be met before ACE can be used in the understanding of macroeconomics is mentioned, including that the scale of the model must be the appropriate size for the study, empirical validation needs to be received by model specifications and the model should contain the appropriate agents.

Get free article suggestions today

Mendeley saves you time finding and organizing research

Sign up here
Already have an account ?Sign in

Find this document


  • Blake LeBaron

  • Leigh Tesfatsion

Cite this document

Choose a citation style from the tabs below

Save time finding and organizing research with Mendeley

Sign up for free