Reference Work Entry

Complex Systems in Finance and Econometrics

pp 30-53

Agent Based Models in Economics and Complexity

  • Mauro GallegatiAffiliated withUniversità Politecnica delle Marche
  • , Matteo G. RichiardiAffiliated withUniversità Politecnica delle MarcheCollegio Carlo Alberto – LABORatorio R. Revelli

Article Outline


Definition of the Subject


Some Limits of the Mainstream Approach

The Economics of Complexity

Additional Features of Agent-Based Models

An Ante Litteram Agent-Based Model: Thomas Schelling's Segregation Model

The Development of Agent-Based Modeling

A Recursive System Representation of Agent-Based Models

Analysis of Model Behavior

Validation and Estimation

The Role of Economic Policy

Future Directions