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Agent-Based Computational Economics: A Constructive Approach to Economic Theory

In Leigh Tesfatsion & Kenneth L. Judd (eds.), Handbook of Computational Economics, Volume 2: Agent-Based Computational Economics. Elsevier (2006)

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  1. Disagreement in Discipline-Building Processes.David Anzola - 2019 - Synthese 198 (Suppl 25):6201-6224.
    Successful instances of interdisciplinary collaboration can eventually enter a process of disciplinarisation. This article analyses one of those instances: agent-based computational social science, an emerging disciplinary field articulated around the use of computational models to study social phenomena. The discussion centres on how, in knowledge transfer dynamics from traditional disciplinary areas, practitioners parsed several epistemic resources to produce new foundational disciplinary shared commitments, and how disagreements operated as a mechanism of differentiation in their production. Two parsing processes are examined to (...)
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  • Agent-Based Modeling: The Right Mathematics for the Social Sciences?Paul L. Borrill & Leigh Tesfatsion - 2011 - In J. B. Davis & D. W. Hands (eds.), Elgar Companion to Recent Economic Methodology. Edward Elgar Publishers. pp. 228.
    This study provides a basic introduction to agent-based modeling (ABM) as a powerful blend of classical and constructive mathematics, with a primary focus on its applicability for social science research. The typical goals of ABM social science researchers are discussed along with the culture-dish nature of their computer experiments. The applicability of ABM for science more generally is also considered, with special attention to physics. Finally, two distinct types of ABM applications are summarized in order to illustrate concretely the duality (...)
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  • Random Behavior and the as-If Defense of Rational Choice Theory in Demand Experiments.Ivan Moscati & Paola Tubaro - unknown
    Rational choice theory (RCT) models decision makers as utility maximizers and is often defended via an as-if argument. According to this argument, although real individuals do not consciously maximize their utility function, their choices can be explained as if they were generated by utility maximization. An alternative model is random-choice, which assumes that decision makers pick up an element from a given set according to a uniform distribution on the set. In this paper we examine a series of experiments that (...)
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  • A Complexity Perspective on Institutional Design.Scott E. Page - 2012 - Politics, Philosophy and Economics 11 (1):5-25.
    The task of designing effective economic and political institutions requires substantial foresight. The designer must anticipate not only the behavior of individual actors, but also how that behavior will aggregate. Rising complexity brought about by increases in speeds of adaptation, diversity, connectedness, and interdependence make institutional design all the more challenging. Given the focus on equilibria, the extant literature on mechanism design might appear incapable of coping with this complexity. Yet, I suggest that a deeper engagement with the origins of (...)
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  • Describing Economic Agent-Based Models – Dahlem ABM Documentation Guidelines.Sarah Wolf, Jean-Philippe Bouchaud, Federico Cecconi, Silvano Cincotti, Herbert Dawid, Herbert Gintis, Sander van der Hoog, Carlo C. Jaegera, Dmitry V. Kovalevsky, Antoine Mandel & Leonidas Paroussos - 2013 - Complexity Economics 2 (1):63-74.
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  • The Explanatory Potential of Artificial Societies.Till Grüne-Yanoff - 2009 - Synthese 169 (3):539 - 555.
    It is often claimed that artificial society simulations contribute to the explanation of social phenomena. At the hand of a particular example, this paper argues that artificial societies often cannot provide full explanations, because their models are not or cannot be validated. Despite that, many feel that such simulations somehow contribute to our understanding. This paper tries to clarify this intuition by investigating whether artificial societies provide potential explanations. It is shown that these potential explanations, if they contribute to our (...)
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  • Computing the Perfect Model: Why Do Economists Shun Simulation?Aki Lehtinen & Jaakko Kuorikoski - 2007 - Philosophy of Science 74 (3):304-329.
    Like other mathematically intensive sciences, economics is becoming increasingly computerized. Despite the extent of the computation, however, there is very little true simulation. Simple computation is a form of theory articulation, whereas true simulation is analogous to an experimental procedure. Successful computation is faithful to an underlying mathematical model, whereas successful simulation directly mimics a process or a system. The computer is seen as a legitimate tool in economics only when traditional analytical solutions cannot be derived, i.e., only as a (...)
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  • ACACIA-ES: An Agent-Based Modeling and Simulation Tool for Investigating Social Behaviors in Resource-Limited Two-Dimensional Environments.Elisabetta Zibetti, Simon Carrignon & Nicolas Bredeche - 2016 - Mind and Society 15 (1):83-104.
    In this paper, we describe a framework for studying social agents’ individual decision making, that takes account of the environment and social dynamics. We describe a study in which we explored the efficiency of foraging strategies within a group of individuals faced with a resource-limited environment. We investigated to what extent cooperative and non-cooperative behaviors impacted on the survival rates of a population of individuals. In the experiment presented here, we considered two different types of individuals: selfish individuals who gather (...)
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  • Modeling Economic Systems as Locally-Constructive Sequential Games.Leigh Tesfatsion - 2017 - Journal of Economic Methodology 24 (4):1-26.
    Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these essential properties imply real-world economies are locally-constructive sequential games. This paper discusses a modeling approach, (...)
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  • Assessing the Plurality of Actors and Policy Interactions: Agent-Based Modelling of Renewable Energy Market Integration.Marc Deissenroth, Martin Klein, Kristina Nienhaus & Matthias Reeg - 2017 - Complexity:1-24.
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  • A Kuhnian Perspective on Asset Pricing Theory.Nicholas J. Mangee - 2015 - Journal of Economic Methodology 22 (1):28-45.
    This article argues that the field of asset pricing theory is undergoing a scientific revolution in Kuhnian terms. The orthodox view is one of determinate change in causal processes and inherent stability whereby financial markets, left unfettered, allocate nearly perfectly society's scare capital. However, decades of mounting anomalous evidence against the implications of stable causal processes perpetuated by conventional models based on efficient markets and the rational expectations hypothesis have paved the way for alternative avenues of research. Although various approaches (...)
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  • The Complexity of Partition Tasks.Fernando Eesponda, Matías Vera-Cruz, Jorge Tarrasó & Marco Morales - 2010 - Complexity 16 (1):56-64.
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