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

By Lynne Hamill,Nigel Gilbert

ISBN-10: 1118456076

ISBN-13: 9781118456071

Agent-based modelling in economics


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


New tools of monetary modelling were sought end result of the international fiscal downturn in 2008.This precise e-book highlights the advantages of an agent-based modelling (ABM) strategy. It demonstrates how ABM can simply deal with complexity: heterogeneous humans, families and corporations interacting dynamically. in contrast to conventional tools, ABM doesn't require humans or businesses to optimise or financial structures to arrive equilibrium. ABM bargains the way 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 latest approaches.
  • Provides a theoretical and methodological reason for utilizing ABM in economics, besides useful recommendation on the best way to layout and create the models.
  • Each bankruptcy starts off with a quick precis of the proper monetary concept after which exhibits the right way to practice ABM.
  • Explores either issues coated in simple economics textbooks and present very important coverage issues; unemployment, alternate premiums, banking and environmental issues.
  • Describes the versions in pseudocode, permitting the reader to enhance 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 study agent-based types. 3rd yr undergraduate, grasp and doctoral scholars, college economists will locate this booklet a useful resource.


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

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