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: <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> 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.

Agent-Based Modelling in Economics

Business & Money

Gilbert, Nigel

Hamill, Lynne

Economics

wiley

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Books by Hamill, Lynne

See the best price to sell, buy, or rent books by Hamill, Lynne. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Agent-Based Modelling in Economics