{"product_id":"agent-based-modelling-in-economics-isbn-9781118456071","title":"Agent-Based Modelling in Economics","description":"\u003cp\u003eAgent-based modelling in economics\u003c\/p\u003e \u003cp\u003e \u003c\/p\u003e \u003cp\u003e\u003ci\u003eLynne Hamill and Nigel Gilbert, Centre for Research in Social Simulation (CRESS), University of Surrey, UK\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e \u003c\/p\u003e \u003cp\u003eNew 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. \u003c\/p\u003e \u003cp\u003e \u003c\/p\u003e \u003cp\u003e\u003ci\u003eKey features\u003c\/i\u003e:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eIntroduces the concept of agent-based modelling and shows how it differs from existing approaches.\u003c\/li\u003e \u003cli\u003eProvides a theoretical and methodological rationale for using ABM in economics, along with practical advice on how to design and create the models.\u003c\/li\u003e \u003cli\u003eEach chapter starts with a short summary of the relevant economic theory and then shows how to apply ABM.\u003c\/li\u003e \u003cli\u003eExplores both topics covered in basic economics textbooks and current important policy themes; unemployment, exchange rates, banking and environmental issues.\u003c\/li\u003e \u003cli\u003eDescribes the models in pseudocode, enabling the reader to develop programs in their chosen language.\u003c\/li\u003e \u003cli\u003eSupported by a website featuring the NetLogo models described in the book.\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e \u003c\/p\u003e \u003cp\u003e\u003ci\u003eAgent-based Modelling in Economics \u003c\/i\u003eprovides 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.\u003c\/p\u003e \u003cp\u003e \u003c\/p\u003e \u003cp\u003ePreface viii\u003cbr\u003e\u003cbr\u003eCopyright notices ix\u003cbr\u003e\u003cbr\u003e\u003cb\u003e1 Why agent]based modelling is useful for economists 1\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e1.1 Introduction 1\u003cbr\u003e\u003cbr\u003e1.2 A very brief history of economic modelling 1\u003cbr\u003e\u003cbr\u003e1.3 What is ABM? 4\u003cbr\u003e\u003cbr\u003e1.4 The three themes of this book 5\u003cbr\u003e\u003cbr\u003e1.5 Details of chapters 6\u003cbr\u003e\u003cbr\u003eReferences 9\u003cbr\u003e\u003cbr\u003e\u003cb\u003e2 Starting agent-based modelling 11\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e2.1 Introduction 11\u003cbr\u003e\u003cbr\u003e2.2 A simple market: the basic model 12\u003cbr\u003e\u003cbr\u003e2.3 The basic framework 13\u003cbr\u003e\u003cbr\u003e2.4 Enhancing the basic model: adding prices 18\u003cbr\u003e\u003cbr\u003e2.5 Enhancing the model: selecting traders 21\u003cbr\u003e\u003cbr\u003e2.6 Final enhancement: more economically rational agents 23\u003cbr\u003e\u003cbr\u003e2.7 Running experiments 25\u003cbr\u003e\u003cbr\u003e2.8 Discussion 26\u003cbr\u003e\u003cbr\u003eAppendix 2.A The example model: full version 27\u003cbr\u003e\u003cbr\u003eReferences 28\u003cbr\u003e\u003cbr\u003e\u003cb\u003e3 Heterogeneous demand 29\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e3.1 Introduction 29\u003cbr\u003e\u003cbr\u003e3.2 Modelling basic consumer demand theory 30\u003cbr\u003e\u003cbr\u003e3.3 Practical demand modelling 39\u003cbr\u003e\u003cbr\u003e3.4 Discussion 43\u003cbr\u003e\u003cbr\u003eAppendix 3.A How to do it 46\u003cbr\u003e\u003cbr\u003eReferences 52\u003cbr\u003e\u003cbr\u003e\u003cb\u003e4 Social demand 53\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e4.1 Introduction 53\u003cbr\u003e\u003cbr\u003e4.2 Social networks 53\u003cbr\u003e\u003cbr\u003e4.3 Threshold models 56\u003cbr\u003e\u003cbr\u003e4.4 Adoption of innovative products 62\u003cbr\u003e\u003cbr\u003e4.5 Case study: household adoption of fixed-line phones in Britain 64\u003cbr\u003e\u003cbr\u003e4.6 Discussion 70\u003cbr\u003e\u003cbr\u003eAppendix 4.A How to do it 70\u003cbr\u003e\u003cbr\u003eReferences 78\u003cbr\u003e\u003cbr\u003e\u003cb\u003e5 Benefits of barter 80\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e5.1 Introduction 80\u003cbr\u003e\u003cbr\u003e5.2 One-to-one barter 81\u003cbr\u003e\u003cbr\u003e5.3 Red Cross parcels 88\u003cbr\u003e\u003cbr\u003e5.4 Discussion 96\u003cbr\u003e\u003cbr\u003eAppendix 5.A How to do it 97\u003cbr\u003e\u003cbr\u003eReferences 104\u003cbr\u003e\u003cbr\u003e\u003cb\u003e6 The market 105\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e6.1 Introduction 105\u003cbr\u003e\u003cbr\u003e6.2 Cournot–Nash model 105\u003cbr\u003e\u003cbr\u003e6.3 Market model 108\u003cbr\u003e\u003cbr\u003e6.4 Digital world model 117\u003cbr\u003e\u003cbr\u003e6.5 Discussion 124\u003cbr\u003e\u003cbr\u003eAppendix 6.A How to do it 125\u003cbr\u003e\u003cbr\u003eReferences 131\u003cbr\u003e\u003cbr\u003e\u003cb\u003e7 Labour market 132\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e7.1 Introduction 132\u003cbr\u003e\u003cbr\u003e7.2 A simple labour market model 142\u003cbr\u003e\u003cbr\u003e7.3 Discussion 151\u003cbr\u003e\u003cbr\u003eAppendix 7.A How to do it 155\u003cbr\u003e\u003cbr\u003eReferences 161\u003cbr\u003e\u003cbr\u003e\u003cb\u003e8 International trade 163\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e8.1 Introduction 163\u003cbr\u003e\u003cbr\u003e8.2 Models 172\u003cbr\u003e\u003cbr\u003e8.3 Discussion 183\u003cbr\u003e\u003cbr\u003eAppendix 8.A How to do it 185\u003cbr\u003e\u003cbr\u003eReferences 187\u003cbr\u003e\u003cbr\u003e\u003cb\u003e9 Banking 189\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e9.1 Introduction 189\u003cbr\u003e\u003cbr\u003e9.2 The banking model 198\u003cbr\u003e\u003cbr\u003e9.3 Discussion 206\u003cbr\u003e\u003cbr\u003eAppendix 9.A How to do it 209\u003cbr\u003e\u003cbr\u003eReferences 212\u003cbr\u003e\u003cbr\u003e\u003cb\u003e10 Tragedy of the commons 214\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e10.1 Introduction 214\u003cbr\u003e\u003cbr\u003e10.2 Model 218\u003cbr\u003e\u003cbr\u003e10.3 Discussion 225\u003cbr\u003e\u003cbr\u003eAppendix 10.A How to do it 228\u003cbr\u003e\u003cbr\u003eReferences 232\u003cbr\u003e\u003cbr\u003e\u003cb\u003e11 Summary and conclusions 234\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e11.1 Introduction 234\u003cbr\u003e\u003cbr\u003e11.2 The models 234\u003cbr\u003e\u003cbr\u003e11.3 What makes a good model? 237\u003cbr\u003e\u003cbr\u003e11.4 Pros and cons of ABM 238\u003cbr\u003e\u003cbr\u003eReferences 239\u003cbr\u003e\u003cbr\u003eIndex 242\u003c\/p\u003e  \u003cp\u003e\u003cstrong\u003eNigel Gilbert\u003c\/strong\u003e, Professor of Sociology and Director of CRESS, University of Surrey, UK. \u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eLynne Hamill\u003c\/strong\u003e, Centre of Research in Social Simulation (CRESS), University of Surrey, UK.  \u003c\/p\u003e\u003cp\u003eAgent-based modelling in economics\u003c\/p\u003e \u003cp\u003e \u003ci\u003eLynne Hamill and Nigel Gilbert, Centre for Research in Social Simulation (CRESS), University of Surrey, UK\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e 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. \u003c\/p\u003e \u003cp\u003e \u003ci\u003eKey features\u003c\/i\u003e:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eIntroduces the concept of agent-based modelling and shows how it differs from existing approaches.\u003c\/li\u003e \u003cli\u003eProvides a theoretical and methodological rationale for using ABM in economics, along with practical advice on how to design and create the models.\u003c\/li\u003e \u003cli\u003eEach chapter starts with a short summary of the relevant economic theory and then shows how to apply ABM.\u003c\/li\u003e \u003cli\u003eExplores both topics covered in basic economics textbooks and current important policy themes; unemployment, exchange rates, banking and environmental issues.\u003c\/li\u003e \u003cli\u003eDescribes the models in pseudocode, enabling the reader to develop programs in their chosen language.\u003c\/li\u003e \u003cli\u003eSupported by a website featuring the NetLogo models described in the book.\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e \u003ci\u003eAgent-based Modelling in Economics \u003c\/i\u003eprovides 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.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988706246885,"sku":"NP9781118456071","price":71.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118456071.jpg?v=1761781267","url":"https:\/\/k12savings.com\/es\/products\/agent-based-modelling-in-economics-isbn-9781118456071","provider":"K12savings","version":"1.0","type":"link"}