Artificial Economics: The Generative Method in Economics

Simulation is used in economics to solve large econometric models, for large—scale micro simulations, and to obtain numerical solutions for policy design in top—down established models. But these applications fail to take advantage of the methods offered by artificial economics (AE) through artificial intelligence and distributed computing. AE is a bottom—up and generative approach of agent—based modelling developed to get a deeper insight into the complexity of economics. AE can be viewed ...