Agent-Based Computational Economics Using NetLogo

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Agent-based Computational Economics using NetLogo explores how researchers can create, use and implement multi-agent computational models in Economics by using NetLogo software platform. Problems of ...
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Introduction

Pp. 3-18 (16)

Romulus-Catalin Damaceanu

Abstract

In this introductory chapter, we offer our readers the essential information regarding the field of Agent-based Computational Economics. The development of theory and applications of agent-based systems determined in the last years has brought a real revolution regarding the modelling of complex systems in the field of Economics. The main construction blocks of any agent-based computational model are the following: the set of agents (A), the initializations (I) and the simulation specifications (R). In order to validate an agent-based model, we must follow the following steps: (1) The analysis of pure theories of Economics; (2) Defining the objectives of research and the precise tasks of the model; (3) Building the conceptual model; (4) Validation of conceptual model; (5) Transformation of conceptual model in a computerized model using a software platform; (6) The operational validation of computerized model; (7) The analysis of experiments results and interpretation from an economic point of view.

Keywords:

Agent-based Computational Economics, equation-based modelling, agent-based modelling, theory of systems, NetLogo software platform, conceptual and operational validation of agent-based models.

Affiliation:

Faculty of Economics, "Petre Andrei" University of Iasi, Romania