Agent-Based Computational Economics Using NetLogo


Author(s): Romulus-Catalin Damaceanu

Pp: 3-18 (16)

DOI: 10.2174/9781608054893113010003

* (Excluding Mailing and Handling)


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.

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