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 examine in Social Simulation (CRESS), collage of Surrey, UK


New tools of financial modelling were sought a result of international fiscal downturn in 2008.This precise publication highlights some great benefits of an agent-based modelling (ABM) procedure. It demonstrates how ABM can simply deal with complexity: heterogeneous humans, families and companies interacting dynamically. in contrast to conventional equipment, ABM doesn't require humans or agencies to optimise or financial structures to arrive equilibrium. ABM bargains the way to hyperlink micro foundations on to the macro situation. 


Key features:

  • Introduces the concept that of agent-based modelling and indicates the way it differs from present approaches.
  • Provides a theoretical and methodological cause for utilizing ABM in economics, besides useful recommendation on the right way to layout and create the models.
  • Each bankruptcy starts off with a quick precis of the correct financial thought after which indicates how you can follow ABM.
  • Explores either issues lined in uncomplicated economics textbooks and present vital coverage topics; 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 learn agent-based types. 3rd 12 months undergraduate, grasp and doctoral scholars, school economists will locate this e-book a useful resource.


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05) Budget quintile it is that all households consume the item in question. To contrast with the example of food, the next example is a luxury good mostly consumed by better‐off households, which has an own‐price elasticity of more than (−) 1. ’. In the United Kingdom in 2010, the average budget share of this category was ½%, rising 42 Agent-Based Modelling in Economics from ¼% for the poorest income decile to ¾% for the richest (ONS, 2011). This pattern means that the expenditure is concentrated in the two top quintiles: indeed, 40% of households account for nearly three quarters of the total expenditure.

1. 2) U/ B The marginal rate of substitution MRS where the deltas ( ) represent partial derivatives to measure what happens when one variable changes and the others remain the same. g. 3) Note that if were to equal 1, the denominator of the MRS would be 0, and so always less than 1. 4) where m is the budget, PA is the price of A and PB is the price of B and PA and PB are independent. 5) PB B So the slope of the budget line is the price of A divided by the price of B. Utility will be maximised when this equals the MRS.

A The example model: full version Purpose: The aim of the model is to illustrate some of the basic features of NetLogo using a simple model of a fruit and vegetable market as an example. Entities: There are two types of agents: shoppers and traders. Stochastic processes: The items in the shoppers’ lists, the items stocked by traders and prices charged by traders are selected randomly (within set limits). Initialisation: For shoppers, select the number of shoppers, the speed at which they walk and the number of alternative buying options they are willing to consider.

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