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Agent-Based Modelling in Economics (Hardcover) (Lynne Hamill & Nigel Gilbert)

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Agent-based modelling in economics


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


New methods of economic modelling have been sought as a result of the global economic downturn in 2008.This unique book highlights the benefits of an agent-based modelling (ABM) approach. It demonstrates how ABM can easily handle complexity: heterogeneous people, households and firms interacting dynamically. Unlike traditional methods, ABM does not require people or firms to optimise or economic systems to reach equilibrium. ABM offers a way to link micro foundations directly to the macro situation. 


Key features:

  • Introduces the concept of agent-based modelling and shows how it differs from existing approaches.
  • Provides a theoretical and methodological rationale for using ABM in economics, along with practical advice on how to design and create the models.
  • Each chapter starts with a short summary of the relevant economic theory and then shows how to apply ABM.
  • Explores both topics covered in basic economics textbooks and current important policy themes; unemployment, exchange rates, banking and environmental issues.
  • Describes the models in pseudocode, enabling the reader to develop programs in their chosen language.
  • Supported by a website featuring the NetLogo models described in the book.


Agent-based Modelling in Economics provides students and researchers with the skills to design, implement, and analyze agent-based models. Third year undergraduate, master and doctoral students, faculty and professional economists will find this book an invaluable resource.


Number of Pages: 246.0
Genre: Social Science
Sub-Genre: Statistics
Format: Hardcover
Publisher: John Wiley & Sons Inc
Author: Lynne Hamill & Nigel Gilbert
Language: English
Street Date: January 19, 2016
TCIN: 50603040
UPC: 9781118456071
Item Number (DPCI): 248-08-8067

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