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New Economic Windows

Complex Agent-Based Models

Authors: Gallegati, Mauro

  • Describes a new approach to economics that overcomes the limitations of the dominant theory
  • Explains the ability of agent-based models (ABMs) to represent economic systems as complex adaptive systems
  • Provides an introduction to ABM methodology
  • Meets the needs of undergraduate and Master’s students 
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Buy this book

eBook 74,96 €
price for Spain (gross)
  • ISBN 978-3-319-93858-5
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover 93,59 €
price for Spain (gross)
  • ISBN 978-3-319-93857-8
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
  • The final prices may differ from the prices shown due to specifics of VAT rules
About this book

This book offers a thorough introduction to the highly promising complex agent-based approach to economics, in which agent-based models (ABMs) are used to represent economic systems as complex and evolving systems composed of heterogeneous agents of limited rationality who interact with each other, generating the system’s emergent properties in the process. 

This approach represents a response to the limitations of the dominant theory in economics, which does not consider the possibility of a major crisis, and to the inability of dynamic stochastic general equilibrium theory to generate empirically falsifiable propositions. In the new perspective, the focus is on identifying the elements of instability rather than the triggering event. As the theory of complexity demonstrates, the interactions of heterogeneous agents produce non-linearity: this puts an end to the age of certainties. 

With ABMs, the methodology is “from the bottom up”. The individual parameters and their distribution are estimated, and then evaluated to verify whether aggregate regularities emerge on the whole. In short, not only micro, but also meso and macro empirical validation are employed. Moreover, it shows that the mantra of growth should be supplanted by the concept of a growth​.
Given its depth of coverage, the book will enable students at the undergraduate and Master’s level to gain a firm grasp of this important emerging approach.

 

“This book is flower blossomed by one of the two greatest Italian economists.”

Bruce Greenwald, Columbia University

 

“The author’s - the ABM prophet’s - thoughts on economics have been at the forefront of the world. Without a firm belief in and dedication to human society, it is impossible to write such a book. This is a work of high academic value, which can help readers quickly understand the history and current situation of complex economic theory. In particular, we can understand the basic viewpoints, academic status, advantages and shortcomings of various schools of economic theory.”

Jie Wu, Guangzhou Milestone Software Co., China


About the authors

Mauro Gallegati is Professor of Economics at the Polytechnic University of Marche, Ancona, Italy. His research areas include business fluctuations, nonlinear dynamics, models of financial fragility, and heterogeneous interacting agents. He has published books and many papers in leading journals in the fields of economics, economic history and history of economic analysis, nonlinear mathematics, applied economics, complexity, and econophysics. He has been involved in a number of international research projects. 

Table of contents (4 chapters)

  • Axiomatic Economics: The Biggest Dying Paradigm

    Gallegati, Mauro

    Pages 1-16

    Preview Buy Chapter 30,19 €
  • The Crisis of Economics

    Gallegati, Mauro

    Pages 17-36

    Preview Buy Chapter 30,19 €
  • A Rather Unusual History

    Gallegati, Mauro

    Pages 37-59

    Preview Buy Chapter 30,19 €
  • Where Do We Go, to Go Where We Have to Go?

    Gallegati, Mauro

    Pages 61-69

    Preview Buy Chapter 30,19 €

Buy this book

eBook 74,96 €
price for Spain (gross)
  • ISBN 978-3-319-93858-5
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover 93,59 €
price for Spain (gross)
  • ISBN 978-3-319-93857-8
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
  • The final prices may differ from the prices shown due to specifics of VAT rules
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Bibliographic Information

Bibliographic Information
Book Title
Complex Agent-Based Models
Authors
Series Title
New Economic Windows
Copyright
2018
Publisher
Springer International Publishing
Copyright Holder
Springer Nature Switzerland AG
eBook ISBN
978-3-319-93858-5
DOI
10.1007/978-3-319-93858-5
Hardcover ISBN
978-3-319-93857-8
Series ISSN
2039-411X
Edition Number
1
Number of Pages
XIII, 80
Topics