Agent-based computational economics by Daniel Veit and Anke Weidlich

Course description:

Agent-Based Computational Economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents.It allows understanding how global regularities arise from the bottom up and also to serve as a computational laboratory for market mechanisms (Tesfatsion 2001). Within this tutorial the most relevant research directions in the field of ACE will be presented and the underlying methodology described. It will be discussed what new types of research questions can be addressed with ACE methods. Concepts needed for designing agent-based simulation models, as well as implementation issues and programming tools for ACE modeling will be discussed in detail in order to enable participants to get started with their own ACE research. Topics include decentralized market economics, formation of economic networks, ACE models for market design, and agent learning. The topics treated will be illustrated by examples taken from the most influential research papers in the domain.

The tutorial is designed for advanced students who have a strong interest in economic research questions. Basic programming skills and a good understanding of numerical methods would be helpful to follow the tutorial.

Tutor bio:

Dr Daniel J. Veit is an assistant professor with University of Karlsruhe, Germany. He studied Mathematics and Computer Science at the Technical University Munich and University of Giessen, Germany. From 1999 until 2002 he was holding a doctoral scholarship from the Siemens AG Corporate Technology, Competence Center for Intelligent Autonomous Systems, Munich. In 2002 he received his PhD in Economics and Business Administration from University of Karlsruhe. Now he is with the Department of Economics and Business Administration at the University of Karlsruhe. His current research interests are in economics and computer science and range from mechanism design and modeling to the implementation and simulation of economic scenarios in energy markets, Grid and finance under application of computer systems.

Anke Weidlich is a research assistant at the University of Karlsruhe. She studied Industrial Engineering and Business at the University of Applied Sciences in Wedel and Energy Economics at the University of Paris X, Nanterre. Her research interest is in ACE modeling of electricity markets and emissions trading.