Quarterly (winter, spring, summer, fall)
128 pp. per issue
7 x 10, illustrated
ISSN
1064-5462
E-ISSN
1530-9185
2014 Impact factor:
1.39

Artificial Life

Winter 2002, Vol. 8, No. 1, Pages 55-82
(doi: 10.1162/106454602753694765)
© 2002 Massachusetts Institute of Technology
Agent-Based Computational Economics: Growing Economies From the Bottom Up
Article PDF (188.88 KB)
Abstract

Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Thus, ACE is a specialization of economics of the basic complex adaptive systems paradigm. This study outlines the main objectives and defining characteristics of the ACE methodology and discusses similarities and distinctions between ACE and artificial life research. Eight ACE research areas are identified, and a number of publications in each area are highlighted for concrete illustration. Open questions and directions for future ACE research are also considered. The study concludes with a discussion of the potential benefits associated with ACE modeling, as well as some potential difficulties.