The special issue: agent-based computational economics—overview

Robert E. Marks; Nicolaas J. Vriend; Robert E. Marks; Nicolaas J. Vriend

doi:10.1017/S0269888912000082

Abstract: The Knowledge Engineering Review is an outstanding journal in Computer Science. The guest editors and contributors to this Special Issue are economists. Why is this so? In recent years, there has been a growing dialogue between economists and computer scientists, to our mutual benefit. The Special Issue is devoted to nine papers in which economists survey aspects of the field of agent-based computational economics models, and in some cases report on new findings in several areas of application. As such, we hope it has something to offer both computer scientists and economists.

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The special issue: agent-based computational economics—overview

Melbourne Business School

School of Economics and Finance

Corresponding authors: Robert E. Marks ; Nicolaas J. Vriend

Published online: 26 April 2012

Abstract: Abstract: The Knowledge Engineering Review is an outstanding journal in Computer Science. The guest editors and contributors to this Special Issue are economists. Why is this so? In recent years, there has been a growing dialogue between economists and computer scientists, to our mutual benefit. The Special Issue is devoted to nine papers in which economists survey aspects of the field of agent-based computational economics models, and in some cases report on new findings in several areas of application. As such, we hope it has something to offer both computer scientists and economists.

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Arifovic and Ledyard (2012) discuss how learning has been modelled in agent-based models, comparing their IEL algorithm with earlier learning models, such as reinforcement learning (RL) (Erev & Roth, 1998) and experience-weighted attraction (EWA) learning (Camerer & Ho, 1999).

Wilhite and Fong (2012) build an agent-based model to explore how the internal network structures of firms might affect their behaviour and commercial success.

For example, Anufriev and Hommes (2012) develop agent-based models that can generate three different market price patterns: slow monotonic convergence, oscillatory dampened fluctuations, and persistent oscillations.

Marks (2007, 2012) discusses some of the issues associated with model validation, as do Fagiolo et al. (2007).

Marks found that, even without long-term memory, his agents responded to short runs of the IPD as they would with high discount rates in a closed-form model, which, effectively, the short simulation runs gave them.

But see, for example, Vriend (1997) for an exception.

This is similar to the combination of a Classifier System with a Genetic Algorithm, as in, for example, Vriend (1995).

Efficiency here is measured by the ratio of actual to potential gains from trade.

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Robert E. Marks, Nicolaas J. Vriend. 2012. The special issue: agent-based computational economics—overview. The Knowledge Engineering Review 27(2)115−122, doi: 10.1017/S0269888912000082

Robert E. Marks, Nicolaas J. Vriend. 2012. The special issue: agent-based computational economics—overview. The Knowledge Engineering Review 27(2)115−122, doi: 10.1017/S0269888912000082

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The special issue: agent-based computational economics—overview

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