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Economic agents and markets as emergent phenomena
1Department of Economics, Iowa State University, Ames, IA 50011-1070, USA. tesfatsi@iastate.edu
Summary
Agent-based computational economics models economic agents and markets as emergent phenomena. This overview highlights recent research in this dynamic field.
Area of Science:
- Computational Economics
- Agent-Based Modeling
Background:
- Recent advancements in computational economics.
- Focus on emergent phenomena in economic systems.
Purpose of the Study:
- Provide an overview of agent-based computational economics.
- Highlight research from the 2001 Sackler Colloquium on Economic Agents and Markets as Emergent Phenomena.
Main Methods:
- Review of recent agent-based computational economics research.
- Synthesis of key themes from a specific scientific colloquium.
Main Results:
- Identification of key research areas in agent-based computational economics.
- Emphasis on the emergent properties of economic agents and markets.
Conclusions:
- Agent-based modeling is a significant approach in modern economics.
- Understanding emergent phenomena is crucial for economic theory and practice.