Agent-Based Models in Economics - Domenico Delli Gatti, Giorgio Fagiolo, Mauro Gallegati, Matteo Richiardi & Alberto Russo

Agent-Based Models in Economics

By Domenico Delli Gatti, Giorgio Fagiolo, Mauro Gallegati, Matteo Richiardi & Alberto Russo

  • Release Date - Published: 2018-04-27
  • Book Genre: Economics
  • Author: Domenico Delli Gatti, Giorgio Fagiolo, Mauro Gallegati, Matteo Richiardi & Alberto Russo
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Agent-Based Models in Economics Domenico Delli Gatti, Giorgio Fagiolo, Mauro Gallegati, Matteo Richiardi & Alberto Russo read online review & book description:

In contrast to mainstream economics, complexity theory conceives the economy as a complex system of heterogeneous interacting agents characterised by limited information and bounded rationality. Agent Based Models (ABMs) are the analytical and computational tools developed by the proponents of this emerging methodology. Aimed at students and scholars of contemporary economics, this book includes a comprehensive toolkit for agent-based computational economics, now quickly becoming the new way to study evolving economic systems. Leading scholars in the field explain how ABMs can be applied fruitfully to many real-world economic examples and represent a great advancement over mainstream approaches. The essays discuss the methodological bases of agent-based approaches and demonstrate step-by-step how to build, simulate and analyse ABMs and how to validate their outputs empirically using the data. They also present a wide set of applications of these models to key economic topics, including the business cycle, labour markets, and economic growth.

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