Computational Economics

, Volume 12, Issue 3, pp 223–241 | Cite as

ASPEN: A Microsimulation Model of the Economy

  • N. Basu
  • R. Pryor
  • T. Quint
Article

Abstract

In this report we present ASPEN, a new agent-based microeconomic simulation model of the U.S. economy being developed at Sandia National Laboratories (SNL). The model is notable because it allows a large number of individual economic agents to be modeled at a high level of detail and with a great degree of freedom. Some of the features of ASPEN are (a) a sophisticated message-passing system which allows individual pairs of agents to communicate with one another, (b) the use of genetic algorithms to simulate certain agents' learning, and (c) a detailed financial sector which includes a banking system and a bond market. Results from runs of the model are also presented.

agent-based model microsimulation genetic algorithm monetary policy US economy 

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References

  1. Bergmann, B. and Bennett, R. (1986). A Microsimulated Transactions Models of the United States Economy.The Johns Hopkins University Press, Baltimore.Google Scholar
  2. Orcutt, G., Caldwell, S. and Wertheimer, R. (1976). Policy Exploration through Microanalytic Simulation.The Urban Institute, Washington, D.C.Google Scholar
  3. Pryor, R., Basu, N. and Quint, T. (1996). Development of ASPEN: A microanalytic simulation model of the U.S. economy. Sandia Report #SAND960434, Sandia National Laboratories, Albuquerque, NM.Google Scholar
  4. Varian, H. (1978). Microeconomic Analysis.W.W. Norton and Co, New York.Google Scholar

Copyright information

© Kluwer Academic Publishers 1998

Authors and Affiliations

  • N. Basu
    • 1
  • R. Pryor
    • 2
  • T. Quint
    • 3
  1. 1.AT&T Customer SciencesBasking RidgeUSA
  2. 2.Sandia National LaboratoriesAlbuquerqueUSA
  3. 3.Department of MathematicsUniversity of NevadaRenoUSA

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