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This book offers a thorough introduction to the highly promising complex agent-based approach to economics, in which agent-based models (ABMs) are used to represent economic systems as complex and evolving systems composed of heterogeneous agents of limited rationality who interact with each other, generating the system’s emergent properties in the process. This approach represents a response to the limitations of the dominant theory in economics, which does not consider the possibility of a major crisis, and to the inability of dynamic stochastic general equilibrium theory to generate empirically falsifiable propositions. In the new perspective, the focus is on identifying the elements of instability rather than the triggering event. As the theory of complexity demonstrates, the interactions of heterogeneous agents produce non-linearity: this puts an end to the age of certainties. With ABMs, the methodology is “from the bottom up”. The individual parameters and their distribution are estimated, and then evaluated to verify whether aggregate regularities emerge on the whole. In short, not only micro, but also meso and macro empirical validation are employed. Moreover, it shows that the mantra of growth should be supplanted by the concept of a growth . Given its depth of coverage, the book will enable students at the undergraduate and Master’s level to gain a firm grasp of this important emerging approach. “This book is flower blossomed by one of the two greatest Italian economists.” Bruce Greenwald, Columbia University “The author’s - the ABM prophet’s - thoughts on economics have been at the forefront of the world. Without a firm belief in and dedication to human society, it is impossible to write such a book. This is a work of high academic value, which can help readers quickly understand the history and current situation of complex economic theory. In particular, we can understand the basic viewpoints, academic status, advantages and shortcomings of various schools of economic theory.” Jie Wu, Guangzhou Milestone Software Co., China.

Macroeconomics --- Economics --- Discrete mathematics --- Classical mechanics. Field theory --- Statistical physics --- Applied physical engineering --- chaos --- toegepaste wiskunde --- grafentheorie --- theoretische fysica --- economie --- macro-economie --- ingenieurswetenschappen --- dynamica

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This book presents a systematic overview of cutting-edge research in the field of parametric modeling of personal income and wealth distribution, which allows one to represent how income/wealth is distributed within a given population. The estimated parameters may be used to gain insights into the causes of the evolution of income/wealth distribution over time, or to interpret the differences between distributions across countries. Moreover, once a given parametric model has been fitted to a data set, one can straightforwardly compute inequality and poverty measures. Finally, estimated parameters may be used in empirical modeling of the impact of macroeconomic conditions on the evolution of personal income/wealth distribution. In reviewing the state of the art in the field, the authors provide a thorough discussion of parametric models belonging to the “κ-generalized” family, a new and fruitful set of statistical models for the size distribution of income and wealth that they have developed over several years of collaborative and multidisciplinary research. This book will be of interest to all who share the belief that problems of income and wealth distribution merit detailed conceptual and methodological attention.

Economic History --- Business & Economics --- Income distribution. --- Income. --- Wealth. --- Affluence --- Distribution of wealth --- Fortunes --- Riches --- Family income --- Household income --- Personal income --- Distribution of income --- Income inequality --- Inequality of income --- Business --- Economics --- Finance --- Capital --- Money --- Property --- Well-being --- Wealth --- Gross national product --- Profit --- Purchasing power --- Distribution (Economic theory) --- Disposable income --- Econometrics. --- Statistics. --- Mathematics. --- Data-driven Science, Modeling and Theory Building. --- Organizational Studies, Economic Sociology. --- Statistics for Business, Management, Economics, Finance, Insurance. --- Game Theory, Economics, Social and Behav. Sciences. --- Math --- Science --- Statistical analysis --- Statistical data --- Statistical methods --- Statistical science --- Mathematics --- Econometrics --- Economics, Mathematical --- Statistics --- Sociophysics. --- Econophysics. --- Economic sociology. --- Statistics . --- Game theory. --- Games, Theory of --- Theory of games --- Mathematical models --- Economic sociology --- Socio-economics --- Socioeconomics --- Sociology of economics --- Sociology --- Statistical physics --- Mathematical sociology --- Social aspects --- Sociological aspects.

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Macroeconomics --- Econometric models. --- Economics, Mathematical --- Economics --- Multiagent systems --- Econometric models --- Data processing --- Mathematical models --- Computer programs --- Macroeconomics - Econometric models --- Economics - Data processing --- Economics - Mathematical models --- Economics - Computer programs

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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.

Computer simulation. --- Application software. --- Microeconomics. --- Macroeconomics. --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Simulation and Modeling. --- Computer Appl. in Social and Behavioral Sciences. --- Econometric models. --- Economics --- Mathematical models. --- Economics, Mathematical --- Econometrics --- Mathematical models --- Social sciences --- Data processing. --- Computer modeling --- Computer models --- Modeling, Computer --- Models, Computer --- Simulation, Computer --- Electromechanical analogies --- Simulation methods --- Model-integrated computing --- Price theory --- Application computer programs --- Application computer software --- Applications software --- Apps (Computer software) --- Computer software