This chapter argues that the economic system is best perceived as a complex adaptive system, and as such, the traditional analytical methods of economics are not optimal for its study. Agent-based computational economics (ACE), studies the economic system from the bottom up and recognizes interaction between autonomous agents as the central mechanism in generating the self-organizing features of economic systems.
|Title of host publication||Handbook of Research on Nature-Inspired Computing for Economics and Management|
|Number of pages||15|
|Place of Publication||Hershey and London|
|Publisher||Idea Group Reference|
|Publication status||Published - 2006|