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The future of Agent-Based modeling

Abstract:

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 in...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted manuscript

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Publisher copy:
10.1057/s41302-016-0075-9

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Department:
Merton College
Publisher:
Springer Publisher's website
Journal:
Eastern Economic Journal Journal website
Volume:
431
Issue:
2
Pages:
271–287
Publication date:
2016-10-05
DOI:
EISSN:
1939-4632
ISSN:
0094-5056
Pubs id:
pubs:673223
URN:
uri:61282fff-219b-40d5-8f08-0ea64f29ed45
UUID:
uuid:61282fff-219b-40d5-8f08-0ea64f29ed45
Local pid:
pubs:673223

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