By Gianfranco Giulioni (auth.), Cesáreo Hernández, Marta Posada, Adolfo López-Paredes (eds.)
Simulation is utilized in economics to unravel huge econometric versions, for large-scale micro simulations, and to acquire numerical recommendations for coverage layout in top-down verified versions. yet those functions fail to exploit the equipment provided through synthetic economics (AE) via synthetic intelligence and dispensed computing. AE is a bottom-up and generative procedure of agent-based modelling built to get a deeper perception into the complexity of economics. AE will be seen as a really stylish and normal type of modelling options that generalize numerical economics, mathematical programming and micro simulation methods. The papers offered during this ebook deal with methodological questions and purposes of AE to macroeconomics, business association, details and studying, marketplace dynamics, finance and monetary markets.
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Extra info for Artificial Economics: The Generative Method in Economics
Palestrini M. (2008), Emergent Macroeconomics, Wien, Springer. , Marchionatti R. (2007), “Endogenous Animal Spirits and Investment: an Agent Based Model”. Department of Economics “Cognetti de Martiis”- CESMEP Working Paper 09/2007. Friedman M. (1957), A Theory of the Consumption Function, Princeton, Princeton University Press. M. M. 2 209–223; in The Collected Writings of John Maynard Keynes, ed. by E. Moggridge, London, Macmillan, 1973, vol. XIV. Kirman A. R. (1937), “Mr. Keynes and the Classics: A Suggested Interpretation”, Econometrica, vol.
UU }, where an agent index stands for its rank after the (unknown) “true ordering”. Furthermore the model is spatialized, that is, to each agent are associated 2D coordinates (in [0, 1]). The home University of an candidate is the nearest one after the Euclidean distance. 1 Candidates Candidate ci is characterized from five parameters. The first two parameters (in [0, 1]) govern his preference ordering: i) elitism ei stands for his bias toward the best universities; ii) locality i stands for his bias toward the nearest universities.
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