Agent-based Computational Economics News & Articles
Selected news and articles about research and developments in Agent-based Computational Economics:8 Apr 13 - Realistic vs. "elegant" models
According to Mark Buchanan, Agent-based Computational Economics is showing promise
in providing more realistic models than the traditional "elegant" models based on
representative rational agents. For instance, a
study into the causes of the housing
boom and subsequent collapse of recent years used an agent-based model to simulate the
behavior of over 2 million homeowners, capturing effects that traditional models did not.
Full article from Bloomberg
Mark Buchanan's blog: The Physics of Finance
21 Dec 12 - Using agent-based models for analyzing threats to financial
stability
A
working paper by Richard Bookstaber from the
Office of Financial Research of the US Treasury
Department describes how agent-based models can help understanding potential vulnerabilities
and risks in the financial system.
11 Jun 12 - Agent-based Computational Economics - a recent overview
A special issue of
The Knowledge Engineering Review provides an excellent overview of the field of
Agent-based Computational Economics by surveying nine recent papers, some of which presenting new
findings in several areas of application. One of the covered papers (Chen et al. 2012) focuses on
Agent-based Computational Finance and forecasting.
21 Sep 11 - Recent advances in the field
Two events took place recently that illustrate some advances and promising results in
Agent-based Computational Economics. Among these are coordinated efforts to develop standards for
the description, specification and validation of agent-based models to help establishing common
structures in the field that may facilitate more communication and comparison between different
models. Also, ACE simulations are now increasingly used to test theoretical models or to investigate
their properties when analytical solutions are not possible and more attention is going towards usage by
policy-makers.
- GSDP Agent-based modeling workshop (8-10 September 2011, Paris)
- Artificial Economics 2011 Conference (1-2 September 2011, The Hague)
31 Jan 11 - Simulating worst-case scenarios
Johns Hopkins University has launched the Center for Advanced Modeling
(CAM) in the Social, Behavioral and Health Sciences. The center, led by
professor Joshua Epstein, is aimed at research and applied work in the
field of agent-based modeling for simulations that could help predict
how societies will react to disasters such as infectious disease outbreaks,
natural disasters or economic turmoil.
Full article from Johns Hopkins Gazette
22 Jul 10 - Agents of change: Conventional economic models failed to foresee
the financial crisis. Could agent-based modeling do better?
Policy makers and advisors question the use of conventional economic
models by the FED and other central banks for national economic policy
and discuss the possibilities for using large-scale agent-based models
for understanding and predicting financial crises.
Full article from
The Economist
3 Dec 09 - New software to simulate future financial crises
New simulation software from the EU-funded
EURACE research project aims to predict
future banking crises or other economic turmoil. The software applies simulation
technology called FLAME (Flexible Large-scale Agent Modeling Environment) to predict
the interaction between large populations of different economic actors such as consumers,
companies and banks. The software is meant to enable better testing of a government
policy's effects on the economy while still on the drawing board.
Full article from
PhysOrg.com
6 Aug 09 - The economy needs agent-based modeling
According to J. Doyne Farmer and Duncan Foley (The New School for Social Research),
economic policy-makers should use
agent-based models instead of flawed econometric models that are fitted to past
data or dynamic stochastic general equilibrium models that assume a perfect world.
Full article from Nature
Author guidelines
Authors of recently published articles about Agent-based Computational
Economics may request an entry and link to their article on this page by
contacting us. Inclusion is subject to
our evaluation.
Adaptive Modeler