Agent-Based Modelling in Economics - Grand Format

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