Get Agent-based modelling in economics PDF

By Lynne Hamill, Nigel Gilbert

ISBN-10: 1118945506

ISBN-13: 9781118945506

ISBN-10: 1118945514

ISBN-13: 9781118945513

ISBN-10: 1118945522

ISBN-13: 9781118945520

Agent-based modelling in economics


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


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


Key features:

  • Introduces the concept that of agent-based modelling and indicates the way it differs from present approaches.
  • Provides a theoretical and methodological motive for utilizing ABM in economics, besides functional suggestion on the way to layout and create the models.
  • Each bankruptcy begins with a brief precis of the proper fiscal conception after which exhibits the best way to follow ABM.
  • Explores either issues coated in uncomplicated economics textbooks and present vital coverage topics; unemployment, trade premiums, banking and environmental issues.
  • Describes the types in pseudocode, permitting the reader to increase courses of their selected language.
  • Supported by way of an internet site that includes the NetLogo versions defined within the book.


Agent-based Modelling in Economics provides scholars and researchers with the abilities to layout, enforce, and learn agent-based types. 3rd 12 months undergraduate, grasp and doctoral scholars, school economists will locate this e-book a useful resource.


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Extra info for Agent-based modelling in economics

Example text

2 Modelling basic consumer demand theory A household’s demand for a good depends on its tastes, its budget, the price of the good in question and the prices of other goods. Tastes, or more formally preferences, can be modelled by a utility function, from which indifference curves are generated, showing which combinations of goods generate the same level of utility. The slope of an indifference curve therefore shows how much of one good the household is willing to give up for more of the other or, put formally, the marginal rate of substitution (MRS).

A The example model: full version Purpose: The aim of the model is to illustrate some of the basic features of NetLogo using a simple model of a fruit and vegetable market as an example. Entities: There are two types of agents: shoppers and traders. Stochastic processes: The items in the shoppers’ lists, the items stocked by traders and prices charged by traders are selected randomly (within set limits). Initialisation: For shoppers, select the number of shoppers, the speed at which they walk and the number of alternative buying options they are willing to consider.

In this case, the expenditure on the good does not change. But if the own‐price elasticity is less than one, total expenditure will rise if the price is increased; and if the elasticity is more than one, expenditure will fall. Given the Cobb–Douglas utility function, a household’s demand for a good depends on the good’s price, the household’s budget, and the good’s budget share in that household (as previously discussed). Because neither the budget nor the budget share changes when the price changes, the amount spent on the good in question does not change, so the own‐price elasticity is always (−) one for small changes.

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Agent-based modelling in economics by Lynne Hamill, Nigel Gilbert

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