ASPEN: A Microsimulation Model of the Economy

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.

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Basu, N., Pryor, R. & Quint, T. ASPEN: A Microsimulation Model of the Economy. Computational Economics 12, 223–241 (1998). https://doi.org/10.1023/A:1008691115079

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  • agent-based model
  • microsimulation
  • genetic algorithm
  • monetary policy
  • US economy