Economics with Heterogeneous Interacting Agents
A Practical Guide to Agent-Based Modeling

Editors: Alessandro Caiani, Alberto Russo, Antonio Palestrini, Mauro Gallegati



Helps newcomers to master the required techniques without previous knowledge of the literature

Provides lecturers with a compendium of the materials needed to teach a graduate or doctoral course

Features all of the requisite complementary materials, including the source codes and software libraries used

Exercises and applications promote readers’ active learning

Fosters a more pluralistic view of the study of Economics

This book offers a practical guide to Agent Based economic modeling, adopting a “learning by doing” approach to help the reader master the fundamental tools needed to create and analyze Agent Based models. After providing them with a basic “toolkit” for Agent Based modeling, it present and discusses didactic models of real financial and economic systems in detail.
While stressing the main features and advantages of the bottom-up perspective inherent to this approach, the book also highlights the logic and practical steps that characterize the model building procedure. A detailed description of the underlying codes, developed using R and C, is also provided. In addition, each didactic model is accompanied by exercises and applications designed to promote active learning on the part of the reader. Following the same approach, the book also presents several complementary tools required for the analysis and validation of the models, such as sensitivity experiments, calibration exercises, economic network and statistical distributions analysis.

By the end of the book, the reader will have gained a deeper understanding of the Agent Based methodology and be prepared to use the fundamental techniques required to start developing their own economic models.

Accordingly, “Economics with Heterogeneous Interacting Agents” will be of particular interest to graduate and postgraduate students, as well as to academic institutions and lecturers interested in including an overview of the AB approach to economic modeling in their courses.

Table of contents

Front Matter
Pages i-xviii

Getting Started: The Aggregation Conundrums and Basic Toolkits of Agent Based Modeling
Pages 1-28

A Simple Model of Business Fluctuations with Heterogeneous Interacting Agents and Credit Networks
Pages 29-102

Modeling Financial Markets in an Agent-Based Framework
Pages 103-155

Heavy-Tailed Distributions for Agent-Based Economic Modelling
Pages 157-190

Back Matter
Pages 191-205

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