Agent Based Models for Economic Policy Advice

Download or read book Agent Based Models for Economic Policy Advice written by Blake LeBaron and published by Walter de Gruyter GmbH & Co KG. This book was released on 2016-11-21 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: This special issue of the Journal of Economics and Statistics is devoted to the use of agent-based models for economic policy advice. It presents a collection of research papers in different fields of applications. Special emphasis is laid on discussing the potential and possible limitations of agent-based models for economic policy advice. The editorial provides an overview on the role of agent-based modeling in economic policy referring also to the papers presented. Furthermore, it highlights the strength of the approach, i.e., the explicit microfoundation and the modeling of heterogenous agents. Finally, we also report on current limitations of the method with regard to economic policy advice and point at some areas deserving further research.