Agent-Based Computational Economics (Paperback)

Alternative modelling formalisations, such as differential equations and statistical analysis, imposes many restrictions, such as homogeneity, anonymity and perfectly rational. Agent-based modelling and simulations provide a new modelling formalisation approach that relaxes some or all those restrictions. Two agent-based systems are developed to study theories of decentralised, individualistic, boundedly rational, complex behaviour and nonlinear stochastic systems. The first ACE model presents an ACE to study demand- pull and cost-push inflation. Moreover, it studies the effect of different levels of rationality on Macro-Activities for Economic Systems. The second ACE model studies the Lucas-Island model. Specifically, it studies the behaviour of the central bank to stabilise inflation and output. Three different economic models are studied. Simulations show that there is a positive relationship between the equilibrium price and level of rationality while there is a negative relationship with the unemployment rate.

General

Imprint:	Lap Lambert Academic Publishing
Country of origin:	Germany
Release date:	2011
First published:	2011
Authors:	Ahmed Okasha
Dimensions:	229 x 152 x 13mm (L x W x T)
Format:	Paperback - Trade
Pages:	228
ISBN-13:	978-3-8433-8922-8
Categories:	Books > Computing & IT > General theory of computing > General
LSN:	3-8433-8922-5
Barcode:	9783843389228

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