Why are economists sceptical about agent based simulations

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The Future of Agent-Based Modeling. In this paper, I elaborate on the role of agent-based AB modeling for macroeconomic research. My main tenet is that the full potential of the AB approach has not been realized yet. This potential … Expand.

What is the relationship, if any, between Experimental Economics and Agent-based Computational Economics? View 1 excerpt, cites background. Agent-based analysis of asset pricing under ambiguous information. Agent Based Models in Economics and Complexity. View 2 excerpts, cites background. View 3 excerpts, cites background.

Asset pricing under ambiguous information: an empirical game-theoretic analysis. Agent-based modeling in managerial science: an illustrative survey and study. Highly Influenced. View 6 excerpts, cites background and results. Autonomous Agent Models of Stock Markets. View 1 excerpt, references background. Agent-based computational economics. A brief overview of agent-based computational economics ACE is given, followed by a synopsis of the articles included in this special issue on ACE and in a companion special issue on ACE scheduled … Expand.

On designing economic agents that behave like human agents. This paper explores the idea of constructing theoretical economic agents that behave like actual human agents and using them in neoclassical economic models.

It does this in a repeated-choice setting … Expand. Most economists accept that there are limits to the reasoning abilities of human beings-that human rationality is bounded. The question is how to model economic choices made under these limits.

Auctions with Artificial Adaptive Agents. Abstract Experiments on auctions find that subjects make systematic bidding errors that cannot be explained within the context of Nash equilibrium bidding models. Experimenters and others have … Expand.

Inductive Reasoning and Bounded Rationality. The type of rationality we assume in economics--perfect, logical, deductive rationality--is extremely useful in generating solutions to theoretical problems.