Introduction to agent-based economics

Introduction to Agent-Based Economics describes the principal elements of agent-based computational economics (ACE). It illustrates ACE's theoretical foundations, which are rooted in the application to the social sciences of the concept of complexity, and it depicts its growth and development from a non-linear out-of-equilibrium approach to a state-of-the-art agent-based macroeconomics. Introduction to Agent-Based Economics helps readers gain a better understanding of the limits and perspectives of the ACE models and their capacity to reproduce economic phenomena and empirical patterns.

• Reviews the literature of agent-based computational economics
• Analyzes approaches to agents' expectations
• Covers one of the few large macroeconomic agent-based models, the "Modellaccio"
• Illustrates both analytical and computational methodologies for producing tractable solutions of macro ACE models
• Describes diffusion and amplification mechanisms
• Depicts macroeconomic experiments related to ACE implementations