Agent-based Computational Economics

[From Bruce Gregory (980217.1200 EST)]

I don't know if the following is common knowledge. Material on
this site might be of interest to some on this net.

Web Site for Agent-Based Computational Economics (ACE)

"Agent-based computational economics (ACE) is roughly
characterized as the computational study of economies modelled as
evolving decentralized systems of autonomous interacting agents.
A central concern of ACE researchers is to understand the
apparently spontaneous appearance of global regularities in
economic processes, such as the unplanned coordination of trade
in decentralized market economies that economists associate with
Adam Smith's invisible hand. The challenge is to explain these
global regularities from the bottom up, in the sense that the
regularities arise from the local interactions of autonomous
agents channeled through actual or potential economic
institutions rather than through fictitious top-down coordinating
mechanisms such as a single representative consumer."

http://www.econ.iastate.edu/tesfatsi/ace.htm

Bruce

[From Bill Powers (980217.1411 MST)]

Bruce Gregory (980217.1200 EST)--

Web Site for Agent-Based Computational Economics (ACE)

"Agent-based computational economics (ACE) is roughly
characterized as the computational study of economies modelled as
evolving decentralized systems of autonomous interacting agents.

So, (a) are they using PCT, and (b) why not? Let us know what they say.

Best,

Bill P.