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Agent Based Models in Economics and Complexity

Agent Based Models in Economics and Complexity

This video was recorded at 4th European Phd Complexity School. A crucial aspect of the complexity approach is how interacting elements produce aggregate patterns that those elements in turn react to. This leads to the emergence of aggregate properties and structures that cannot be guessed by looking only at individual behaviour. Explicitly considering how heterogeneous elements dynamically develop their behaviour through interaction is a hard task analytically, the equilibrium analysis of mainstream (neoclassical) economics being a not neutral shortcut. On the other hand, explicitly considering the dynamics of the process started to be a feasible alternative only when computer power became widely accessible. The computational study of heterogeneous interaction agents is called agent-based... Show More
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