Agent-based computational economics

Agent-based computational economics ( ACE ) is the area of computational economics that studies economic processes, including all economies , as dynamic systems of interacting agents . As such, it falls in the paradigm of complex adaptive systems . [1] Corresponding agent-based models , the ” agents ” are “computational objects modeled as interacting according to rules” over space and time, not real people. The rules are formulated to model behavior and social interactions based on incentives and information. [2]Such rules could also be… More →