Author: "Romulus-Catalin Damaceanu"

Agent-Based Computational Economics Using NetLogo

Personal Book: US $49 Special Offer (PDF + Printed Copy): US $143
Printed Copy: US $119
Library Book: US $196
ISBN: 978-1-60805-638-5
eISBN: 978-1-60805-489-3 (Online)
DOI: 10.2174/97816080548931130101

Introduction

Agent-based Computational Economics using NetLogo explores how researchers can create, use and implement multi-agent computational models in Economics by using NetLogo software platform. Problems of economic science can be solved using multi-agent modelling (MAM). This technique uses a computer model to simulate the actions and interactions of autonomous entities in a network, in order to analyze the effects on the entire economic system. MAM combines elements of game theory, complex systems, emergence and evolutionary programming. The Monte Carlo method is also used in this e-book to introduce random elements. The 11 models presented in this text simulate the simultaneous operations of several agents in an attempt to recreate and predict complex economic phenomena.

This e-book explains the topic in a systematic manner, starting with an introduction for readers followed subsequently by methodology and implementation using NetLogo. The volume ends with conclusions based on the results of the experiments presented.

The e-book is intended as a concise and vital resource for economists, applied mathematicians, social sciences scientists, systems analysts, operations researchers and numerical analysts.

Foreword

The eBook explores the techniques, researchers can create, use and implement multi-agent computational models in Economics by using NetLogo software platform. Problems of economic science can be solved using multi-agent modelling (MAM). This technique uses a computer model to simulate the actions and interactions of autonomous entities in a network, for analyzing the effects on the entire economic system. MAM combines elements of game theory, complex systems, emergence and evolutionary programming. Monte Carlo method is used to introduce random elements. The models simulate the simultaneous operations of several agents in an attempt to recreate and predict complex economic phenomena. The process is one that starts emerging from the micro to macroeconomic level. Individual agents are presumed to act in what they perceive as their own interest such as reproduction, economic benefit, social status, provided that their awareness is limited.

NetLogo is a software platform designed by Uri Wilensky in the year 1999. NetLogo is in the process of development and modernization in the frame of Centre for Connected Learning and Computer-Based Modelling - Northwestern University, Illinois, USA. NetLogo is written in Java language and can be run on all major platforms (Windows, Mac, Linux etc.). In addition, individual models can be run as Java applets inside web pages. NetLogo is freeware and can be downloaded from the web address mentioned below: http://ccl.northwestern.edu/netlogo/ This eBook contains the following chapters:

  1. The first chapter is an introduction of the eBook that provides readers the essential information regarding the field of Agent-based Computational Economics;
  2. The second chapter describes the multi agent-based computational model of an artificial economy;
  3. The third chapter describes the implementation in NetLogo of the multi agent-based model described in the second chapter;
  4. The fourth chapter uses the computational model implemented in the third chapter for a set of computational experiments using NetLogo;
  5. The last chapter presents the results of the computational experiments conducted in the fourth chapter.


Alexandru Trifu
Faculty of Economics
"Petre Andrei" University of Iasi
Romania


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