Abstract
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.
| Original language | English |
|---|---|
| Title of host publication | Handbook of Research on Nature-Inspired Computing for Economics and Management |
| Editors | Jean-Philippe Rennard |
| Number of pages | 15 |
| Volume | Volume 1 |
| Place of Publication | Hershey and London |
| Publisher | Idea Group Reference |
| Publication date | 2006 |
| Pages | 183-197 |
| ISBN (Print) | 1591409845 |
| ISBN (Electronic) | 1591409853 |
| Publication status | Published - 2006 |
| Externally published | Yes |