Agent-Based Computational Economics
AUTHOR | Okasha, Ahmed |
PUBLISHER | LAP Lambert Academic Publishing (01/20/2011) |
PRODUCT TYPE | Paperback (Paperback) |
Description
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.
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Product Format
Product Details
ISBN-13:
9783843389228
ISBN-10:
3843389225
Binding:
Paperback or Softback (Trade Paperback (Us))
Content Language:
English
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Page Count:
228
Carton Quantity:
36
Product Dimensions:
6.00 x 0.52 x 9.00 inches
Weight:
0.75 pound(s)
Country of Origin:
US
Subject Information
BISAC Categories
Computers | General
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publisher marketing
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.
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