TITLE

The economy needs agent-based modelling

AUTHOR(S)
Farmer, J. Doyne; Foley, Duncan
PUB. DATE
August 2009
SOURCE
Nature;8/6/2009, Vol. 460 Issue 7256, p685
SOURCE TYPE
Academic Journal
DOC. TYPE
Opinion
ABSTRACT
In this article the authors propose the used of agent-based models to assess policies that address economic recovery. The authors are critical of the econometric and dynamic stochastic general equilibrium models employ by U.S. administration arguing that the models have fatal flaws. Thus, the authors discuss the advantages and application of agent-based models, which is a computerized simulation of a number of decision-makers and institutions that interact under prescribed rules.
ACCESSION #
43566925

 

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