In contrast to mainstream economics, complexity theory conceives the economy as a complex system of heterogeneous interacting agents characterised by limited information and bounded rationality. Agent Based Models (ABMs) are the analytical and computational tools developed by the proponents of this emerging methodology. Aimed at students and scholars of contemporary economics, this book includes a comprehensive toolkit for agent-based computational economics, now quickly becoming the new way to study evolving economic systems. Leading scholars in the field explain how ABMs can be applied fruitfully to many real-world economic examples and represent a great advancement over mainstream approaches. The essays discuss the methodological bases of agent-based approaches and demonstrate step-by-step how to build, simulate and analyse ABMs and how to validate their outputs empirically using the data. They also present a wide set of applications of these models to key economic topics, including the business cycle, labour markets, and economic growth.

This book offers a practical guide to Agent Based economic modeling, adopting a "learning by doing" approach to help the reader master the fundamental tools needed to create and analyze Agent Based models. After providing them with a basic "toolkit" for Agent Based modeling, it present and discusses didactic models of real financial and economic systems in detail. While stressing the main features and advantages of the bottom-up perspective inherent to this approach, the book also highlights the logic and practical steps that characterize the model building procedure. A detailed description of the underlying codes, developed using R and C, is also provided. In addition, each didactic model is accompanied by exercises and applications designed to promote active learning on the part of the reader. Following the same approach, the book also presents several complementary tools required for the analysis and validation of the models, such as sensitivity experiments, calibration exercises, economic network and statistical distributions analysis. By the end of the book, the reader will have gained a deeper understanding of the Agent Based methodology and be prepared to use the fundamental techniques required to start developing their own economic models. Accordingly, "Economics with Heterogeneous Interacting Agents" will be of particular interest to graduate and postgraduate students, as well as to academic institutions and lecturers interested in including an overview of the AB approach to economic modeling in their courses.

This book offers a practical guide to Agent Based economic modeling, adopting a "learning by doing" approach to help the reader master the fundamental tools needed to create and analyze Agent Based models. After providing them with a basic "toolkit" for Agent Based modeling, it present and discusses didactic models of real financial and economic systems in detail. While stressing the main features and advantages of the bottom-up perspective inherent to this approach, the book also highlights the logic and practical steps that characterize the model building procedure. A detailed description of the underlying codes, developed using R and C, is also provided. In addition, each didactic model is accompanied by exercises and applications designed to promote active learning on the part of the reader. Following the same approach, the book also presents several complementary tools required for the analysis and validation of the models, such as sensitivity experiments, calibration exercises, economic network and statistical distributions analysis. By the end of the book, the reader will have gained a deeper understanding of the Agent Based methodology and be prepared to use the fundamental techniques required to start developing their own economic models. Accordingly, "Economics with Heterogeneous Interacting Agents" will be of particular interest to graduate and postgraduate students, as well as to academic institutions and lecturers interested in including an overview of the AB approach to economic modeling in their courses.

In contrast to mainstream economics, complexity theory conceives the economy as a complex system of heterogeneous interacting agents characterised by limited information and bounded rationality. Agent Based Models (ABMs) are the analytical and computational tools developed by the proponents of this emerging methodology. Aimed at students and scholars of contemporary economics, this book includes a comprehensive toolkit for agent-based computational economics, now quickly becoming the new way to study evolving economic systems. Leading scholars in the field explain how ABMs can be applied fruitfully to many real-world economic examples and represent a great advancement over mainstream approaches. The essays discuss the methodological bases of agent-based approaches and demonstrate step-by-step how to build, simulate and analyse ABMs and how to validate their outputs empirically using the data. They also present a wide set of applications of these models to key economic topics, including the business cycle, labour markets, and economic growth.

Introduction to Agent-Based Economics describes the principal elements of agent-based computational economics (ACE). It illustrates ACE's theoretical foundations, which are rooted in the application of the concept of complexity to the social sciences, and it depicts its growth and development from a non-linear out-of-equilibrium approach to a state-of-the-art agent-based macroeconomics. The book helps readers gain a better understanding of the limits and perspectives of the ACE models and their capacity to reproduce economic phenomena and empirical patterns.

Get the Digital Version of this book at http: //sketchoholic.com/flipbook/art-of-alberto-sting-russo and gain access to bonus material and get a discount Code for 25% off this printed book. "I am continually trying to find new techniques to paint and draw while mixing digital and traditional techniques. It is a great challenge every day." - A. Russo Caricature is the satirical illustration of a person or a thing, but a cartoon is the satirical illustration of an idea. in this innovative book brought to you by the folks at www.MadArtistPublishing.com, you'll enjoy a collection of hilarious celebrity illustrations and learn about the concepts and inspiration that drives Creative Director, Illustrator, Caricaturist Alberto Russo to achieve them.Learn professional caricature and illustration techniques from a master, read tips and advice and be entertained by a great selection of playable videos right from the book. What other great artists are saying about Alberto's work: "Alberto is, to me, one of the few who has this talent to create powerful and iconic pieces of art." Thomas Lebeltel (FR) www.theb.over-blog.com "Every painting or drawing by Alberto shows his love for art, and facial architecture. His caricatures are breathtaking, original, and funny. Looking at his work always makes me want to paint " Wouter Tulp (NL) www.woutertulp.nl "Browsing through Alberto's work is a lust for the eye. He always gets a great likeness, but his art goes far beyond that... just look at the brush strokes or the pencil lines: they are always honest, like sketches should be. All the sketches are great, and my preferred ones are the 'roughest' ones, dynamic compositions with a lot of structure and light-dark contrast in it.This is real art " Jan Op De Beeck (BE) http: //theb.over-blog.com "I had great pleasure in admiring the incredible evolution of Alberto's work. He has really created a unique style, varying virtuosity with different techniques and the mastery of distortion to create good caricatures. The perfect alchemy he creates will enable him to become one of the top people in this area." Anthony Geoffroy (FR) www.AnthonyGeoffroy.com "Alberto Russo's work brings a freshness and excitement to the art of caricature Caricature set aside, his drawings are full of life and that is key to capturing solid character. His work, filled with a gritty and edgy mood pulls me in and leaves me wanting more " Jason Seiler (USA) www.facebook.com/jasonseilerillustration There is some magic about doing caricature that artists can not tools and even the resemblance. Is a mix of that "everything" in perfect balance, and "that" my colleague Alberto Russo, has it." Jota Leal (USA) www.jotaleal.com "Alberto Russo's many graphic researches in pencil prove that he is perfectly capable of leaving his computer behind when he draws caricatures. Not many people can say the same today even though the quality of today's images is higher than ever thanks to the challenges created by Facebook for people drawing caricatures. The risk is that finalising them in a realistic photographic way with the computer creates monotony and uniformity of style. Only adepts of traditional drawing will make a difference, and Alberto is one of them." Jean Mulatier (FR) www.facebook.com/jean.mulatier