Agent-based modelling in economics by Lynne Hamill, Nigel Gilbert

By Lynne Hamill, Nigel Gilbert

Agent-based modelling in economics


Lynne Hamill and Nigel Gilbert, Centre for learn in Social Simulation (CRESS), collage of Surrey, UK


New tools of monetary modelling were sought because of the international monetary downturn in 2008.This special publication highlights the advantages of an agent-based modelling (ABM) process. It demonstrates how ABM can simply deal with complexity: heterogeneous humans, families and corporations interacting dynamically. in contrast to conventional equipment, ABM doesn't require humans or businesses to optimise or monetary platforms to arrive equilibrium. ABM deals how to hyperlink micro foundations on to the macro situation. 


Key features:

  • Introduces the idea that of agent-based modelling and exhibits the way it differs from latest approaches.
  • Provides a theoretical and methodological cause for utilizing ABM in economics, in addition to useful recommendation on find out how to layout and create the models.
  • Each bankruptcy begins with a brief precis of the correct financial idea after which indicates tips on how to follow ABM.
  • Explores either subject matters lined in simple economics textbooks and present vital coverage issues; unemployment, trade premiums, banking and environmental issues.
  • Describes the types in pseudocode, allowing the reader to enhance courses of their selected language.
  • Supported through an internet site that includes the NetLogo versions defined within the book.


Agent-based Modelling in Economics provides scholars and researchers with the abilities to layout, enforce, and examine agent-based types. 3rd 12 months undergraduate, grasp and doctoral scholars, college economists will locate this publication a useful resource.


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Sample text

The third version of the model does this. = stall ] The agent needs to remember where it has been, so there is an additional line after line 41. This line needs some explanation. We want to remove the trader whose stall the agent has visited from the not‐yet‐visited agentset. This can be done with the NetLogo primitive, with, which was used before to select shoppers with non‐empty shopping lists (line 35). = stall ]): an agentset is created containing a copy of the original but including only those agents for which the condition is true.

Wilensky, U. & Rand, W. (2015). An Introduction to Agent‐Based Modeling: Modeling Natural, Social and Engineered Complex Systems with NetLogo. Cambridge, MA: MIT Press. 1 Introduction Economics is about the allocation of scarce resources. In other words, it is about making choices. Like most introductory economics textbooks, this book starts with the choices faced by consumers and the determinants of consumer demand. Consumers spend money on many different things. And different households will have very different spending patterns: a pensioner living alone will not buy the same things as student living alone nor as a family with children.

If the price rises by 10%, the model suggests that demand will fall by 17% and total expenditure by 8%. 1%) households will stop consuming altogether, all of these being in the bottom two quintiles. As a result, according to the model, the fall in expenditure will vary from a reduction in expenditure of 20% among the poorest to only 6% among the richest households. 43%. 8. In effect, the increase in price concentrates expenditure even more in the higher income groups. 7 Results: Expenditure on cinema and theatre visits (based on 30 runs with 1000 agents).

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