Agent-based Models for Economic Policy Design
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Agent-based simulation models are used by an increasing number of scholars as a tool for providing evaluations of economic policy measures and policy recommendations in complex environments. On the basis of recent work in this area we discuss the advantages of agent-based modeling for economic policy design and identify further needs to be addressed for strengthening this methodological approach as a basis for sound policy advice.
Keywordsagent-based modelling economic policy design spatial models macroeconomics behavioral foundations
Most of the work discussed in this paper was carried out in cooperation with Philipp Harting and Simon Gemkow. The EURACE project (EU IST FP6 STREP grant 035086) was carried out by a consortium lead by S. Cincotti (University of Genova), H. Dawid (University of Bielefeld), C. Deissenberg (Universitè de la Mediterranè), K. Erkan (TUBITAK National Research Institute of Electronics and Cryptology), M. Gallegati (Università Politecnica delle Marche), M. Holcombe (University of Sheffield), M. Marchesi (Università di Cagliari), C. Greenough (STFC — Rutherford Appleton Laboratory).
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