New PDF release: Agent-Based Modelling in Economics

By Lynne Hamill,Nigel Gilbert

Agent-based modelling in economics


Lynne Hamill and Nigel Gilbert, Centre for learn in Social Simulation (CRESS), collage of Surrey, UK


New equipment of monetary modelling were sought end result of the international fiscal downturn in 2008.This exact ebook highlights the advantages of an agent-based modelling (ABM) method. It demonstrates how ABM can simply deal with complexity: heterogeneous humans, families and corporations interacting dynamically. not like conventional tools, ABM doesn't require humans or businesses to optimise or fiscal structures to arrive equilibrium. ABM bargains the way to hyperlink micro foundations on to the macro situation. 


Key features:

  • Introduces the idea that of agent-based modelling and exhibits the way it differs from present approaches.
  • Provides a theoretical and methodological motive for utilizing ABM in economics, in addition to useful suggestion on how one can layout and create the models.
  • Each bankruptcy starts off with a brief precis of the suitable monetary conception after which indicates easy methods to follow ABM.
  • Explores either subject matters lined in uncomplicated economics textbooks and present very important coverage topics; unemployment, alternate premiums, banking and environmental issues.
  • Describes the types in pseudocode, allowing the reader to boost courses of their selected language.
  • Supported by way of an internet site that includes the NetLogo types defined within the book.


Agent-based Modelling in Economics provides scholars and researchers with the talents to layout, enforce, and examine agent-based versions. 3rd 12 months undergraduate, grasp and doctoral scholars, college economists will locate this ebook a useful resource.


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Agent-Based Modelling in Economics by Lynne Hamill,Nigel Gilbert

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