The future of agent-based modelling. Matteo Richiardi Institute for New Economic Thinking and Nuffield College, Oxford, United Kingdom Collegio Carlo Alberto, Moncalieri, Italy This draft: June 2015 Abstract. In this paper, I elaborate on the role of...
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The future of agent-based modelling. Matteo Richiardi Institute for New Economic Thinking and Nuffield College, Oxford, United Kingdom Collegio Carlo Alberto, Moncalieri, Italy This draft: June 2015 Abstract. In this paper, I elaborate on the role of agent-based (AB) modelling for macroeconomic research. My main tenet is that the full potential of the AB approach has not been realised yet. This potential lies in the modular nature of the models, which is bought by abandoning the straitjacket of rational expectations and embracing an evolutionary perspective. I envisage the foundation of a Modular Macroeconomic Science, where new models with heterogeneous interacting agents, endowed with partial information and limited computational ability, can be created by recombining and extending existing models in a unified computational framework. This crucially requires the development of appropriate application programming interfaces (APIs), a set of routines, protocols, and tools which define
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