Modeling macroeconomies as open-ended dynamic systems of interacting agents

  • LeBaron B
  • Tesfatsion L
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Abstract

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.

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Authors

  • Blake LeBaron

  • Leigh Tesfatsion

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