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Agent-Based Modelling in Economics


Agent-Based Modelling in Economics


1. Aufl.

von: Lynne Hamill, Nigel Gilbert

48,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 02.11.2015
ISBN/EAN: 9781118945513
Sprache: englisch
Anzahl Seiten: 256

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Beschreibungen

<p>Agent-based modelling in economics</p> <p> </p> <p><i>Lynne Hamill and Nigel Gilbert, Centre for Research in Social Simulation (CRESS), University of Surrey, UK</i></p> <p> </p> <p>New methods of economic modelling have been sought as a result of the global economic downturn in 2008.This unique book highlights the benefits of an agent-based modelling (ABM) approach. It demonstrates how ABM can easily handle complexity: heterogeneous people, households and firms interacting dynamically. Unlike traditional methods, ABM does not require people or firms to optimise or economic systems to reach equilibrium. ABM offers a way to link micro foundations directly to the macro situation. </p> <p> </p> <p><i>Key features</i>:</p> <ul> <li>Introduces the concept of agent-based modelling and shows how it differs from existing approaches.</li> <li>Provides a theoretical and methodological rationale for using ABM in economics, along with practical advice on how to design and create the models.</li> <li>Each chapter starts with a short summary of the relevant economic theory and then shows how to apply ABM.</li> <li>Explores both topics covered in basic economics textbooks and current important policy themes; unemployment, exchange rates, banking and environmental issues.</li> <li>Describes the models in pseudocode, enabling the reader to develop programs in their chosen language.</li> <li>Supported by a website featuring the NetLogo models described in the book.</li> </ul> <p> </p> <p><i>Agent-based Modelling in Economics </i>provides students and researchers with the skills to design, implement, and analyze agent-based models. Third year undergraduate, master and doctoral students, faculty and professional economists will find this book an invaluable resource.</p> <p> </p>
<p>Preface viii<br /><br />Copyright notices ix<br /><br /><b>1 Why agent?]based modelling is useful for economists 1</b><br /><br />1.1 Introduction 1<br /><br />1.2 A very brief history of economic modelling 1<br /><br />1.3 What is ABM? 4<br /><br />1.4 The three themes of this book 5<br /><br />1.5 Details of chapters 6<br /><br />References 9<br /><br /><b>2 Starting agent?-based modelling 11</b><br /><br />2.1 Introduction 11<br /><br />2.2 A simple market: the basic model 12<br /><br />2.3 The basic framework 13<br /><br />2.4 Enhancing the basic model: adding prices 18<br /><br />2.5 Enhancing the model: selecting traders 21<br /><br />2.6 Final enhancement: more economically rational agents 23<br /><br />2.7 Running experiments 25<br /><br />2.8 Discussion 26<br /><br />Appendix 2.A The example model: full version 27<br /><br />References 28<br /><br /><b>3 Heterogeneous demand 29</b><br /><br />3.1 Introduction 29<br /><br />3.2 Modelling basic consumer demand theory 30<br /><br />3.3 Practical demand modelling 39<br /><br />3.4 Discussion 43<br /><br />Appendix 3.A How to do it 46<br /><br />References 52<br /><br /><b>4 Social demand 53</b><br /><br />4.1 Introduction 53<br /><br />4.2 Social networks 53<br /><br />4.3 Threshold models 56<br /><br />4.4 Adoption of innovative products 62<br /><br />4.5 Case study: household adoption of fixed?-line phones in Britain 64<br /><br />4.6 Discussion 70<br /><br />Appendix 4.A How to do it 70<br /><br />References 78<br /><br /><b>5 Benefits of barter 80</b><br /><br />5.1 Introduction 80<br /><br />5.2 One?-to?-one barter 81<br /><br />5.3 Red Cross parcels 88<br /><br />5.4 Discussion 96<br /><br />Appendix 5.A How to do it 97<br /><br />References 104<br /><br /><b>6 The market 105</b><br /><br />6.1 Introduction 105<br /><br />6.2 Cournot–Nash model 105<br /><br />6.3 Market model 108<br /><br />6.4 Digital world model 117<br /><br />6.5 Discussion 124<br /><br />Appendix 6.A How to do it 125<br /><br />References 131<br /><br /><b>7 Labour market 132</b><br /><br />7.1 Introduction 132<br /><br />7.2 A simple labour market model 142<br /><br />7.3 Discussion 151<br /><br />Appendix 7.A How to do it 155<br /><br />References 161<br /><br /><b>8 International trade 163</b><br /><br />8.1 Introduction 163<br /><br />8.2 Models 172<br /><br />8.3 Discussion 183<br /><br />Appendix 8.A How to do it 185<br /><br />References 187<br /><br /><b>9 Banking 189</b><br /><br />9.1 Introduction 189<br /><br />9.2 The banking model 198<br /><br />9.3 Discussion 206<br /><br />Appendix 9.A How to do it 209<br /><br />References 212<br /><br /><b>10 Tragedy of the commons 214</b><br /><br />10.1 Introduction 214<br /><br />10.2 Model 218<br /><br />10.3 Discussion 225<br /><br />Appendix 10.A How to do it 228<br /><br />References 232<br /><br /><b>11 Summary and conclusions 234</b><br /><br />11.1 Introduction 234<br /><br />11.2 The models 234<br /><br />11.3 What makes a good model? 237<br /><br />11.4 Pros and cons of ABM 238<br /><br />References 239<br /><br />Index 242</p>
<p><strong>Nigel Gilbert</strong>, Professor of Sociology and Director of CRESS, University of Surrey, UK. <p><strong>Lynne Hamill</strong>, Centre of Research in Social Simulation (CRESS), University of Surrey, UK.
<p>Agent-based modelling in economics</p> <p> <i>Lynne Hamill and Nigel Gilbert, Centre for Research in Social Simulation (CRESS), University of Surrey, UK</i></p> <p> New methods of economic modelling have been sought as a result of the global economic downturn in 2008.This unique book highlights the benefits of an agent-based modelling (ABM) approach. It demonstrates how ABM can easily handle complexity: heterogeneous people, households and firms interacting dynamically. Unlike traditional methods, ABM does not require people or firms to optimise or economic systems to reach equilibrium. ABM offers a way to link micro foundations directly to the macro situation. </p> <p> <i>Key features</i>:</p> <ul> <li>Introduces the concept of agent-based modelling and shows how it differs from existing approaches.</li> <li>Provides a theoretical and methodological rationale for using ABM in economics, along with practical advice on how to design and create the models.</li> <li>Each chapter starts with a short summary of the relevant economic theory and then shows how to apply ABM.</li> <li>Explores both topics covered in basic economics textbooks and current important policy themes; unemployment, exchange rates, banking and environmental issues.</li> <li>Describes the models in pseudocode, enabling the reader to develop programs in their chosen language.</li> <li>Supported by a website featuring the NetLogo models described in the book.</li> </ul> <p> <i>Agent-based Modelling in Economics </i>provides students and researchers with the skills to design, implement, and analyze agent-based models. Third year undergraduate, master and doctoral students, faculty and professional economists will find this book an invaluable resource.</p>

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