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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.
Agent-based Computational Economics, equation-based modelling,
agent-based modelling, theory of systems, NetLogo software platform, conceptual
and operational validation of agent-based models.
Faculty of Economics, "Petre Andrei" University of Iasi, Romania