The future of Agent-Based modeling

Journal article

In this paper, I elaborate on the role of agent-based (AB) modelling for macroeconomic research. My main tenet is that the full potential of the AB approach has not been realized yet. This potential lies in the modular nature of the models, which is bought by abandoning the straitjacket of rational expectations and embracing an evolutionary perspective. I envisage the foundation of a Modular Macroeconomic Science, where new models with heterogeneous interacting agents, endowed with partial information and limited computational ability, can be created by recombining and extending existing models in a unified computational framework.

Authors: Richiardi, M

• Publication status: Published
• Peer review status: Peer reviewed
• Publisher: Springer
• Journal: Eastern Economic Journal
• Volume: 431
• Issue: 2
• Pages: 271–287
• Publication date: 2016-10-01
• DOI: 10.1057/s41302-016-0075-9
• EISSN: 1939-4632
• ISSN: 0094-5056
• Keywords: agent-based; macroeconomics; modularity; simulation