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Agent-Based Modelling in Economics
Contributor(s): Hamill, Lynne (Author), Gilbert, Nigel (Author)
ISBN: 1118456076     ISBN-13: 9781118456071
Publisher: Wiley
OUR PRICE:   $68.35  
Product Type: Hardcover - Other Formats
Published: January 2016
Qty:
Temporarily out of stock - Will ship within 2 to 5 weeks
Additional Information
BISAC Categories:
- Business & Economics | Economics - General
- Social Science | Statistics
Dewey: 330.01
LCCN: 2015041913
Physical Information: 0.7" H x 6" W x 9" (0.95 lbs) 256 pages
 
Descriptions, Reviews, Etc.
Publisher Description:

Agent-based modelling in economics

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

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.

Key features

  • Introduces the concept of agent-based modelling and shows how it differs from existing approaches.
  • Provides a theoretical and methodological rationale for using ABM in economics, along with practical advice on how to design and create the models.
  • Each chapter starts with a short summary of the relevant economic theory and then shows how to apply ABM.
  • Explores both topics covered in basic economics textbooks and current important policy themes; unemployment, exchange rates, banking and environmental issues.
  • Describes the models in pseudocode, enabling the reader to develop programs in their chosen language.
  • Supported by a website featuring the NetLogo models described in the book.

Agent-based Modelling in Economics 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.