2002/01/01 by Leigh Tesfatsion · 5 citations
Economics, Econometrics and Finance · #Complex Systems and Time Series Analysis #Economic theories and models
paper · doi:10.1162/106454602753694765
openalex publication_date 2002/01/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/08/04
Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Thus, ACE is a specialization of economics of the basic complex adaptive systems paradigm. This study outlines the main objectives and defining characteristics of the ACE methodology and discusses similarities and distinctions between ACE and artificial life research. Eight ACE research areas are identified, and a number of publications in each area are highlighted for concrete illustration. Open questions and directions for future ACE research are also considered. The study concludes with a discussion of the potential benefits associated with ACE modeling, as well as some potential difficulties.