Agent-Based Modeling: Worlds Within Worlds, PART 2: Last week we introduced SFI’s early explorations of a new approach to scientific modeling. This week, what comes of it:
In 1988, SFI launches a research program on complexity economics. Building on ideas developing at other academic centers, the researchers help turn agent-based modeling from a nascent approach into an innovative tool.
Among the models built there is the Santa Fe Artificial Stock Market, which shows “pretty realistic markets with bubbles, crashes, and persistent volatility,” says Blake LeBaron, one of its builders.
Over the following years the method spreads into archaeology, ecology, and epidemiology. But by the early 2010s, economists still need better data for real-world applications.
Read the full story and run the models yourself: santafe.edu/abm
In 1988, SFI launches a research program on complexity economics. Building on ideas developing at other academic centers, the researchers help turn agent-based modeling from a nascent approach into an innovative tool.
Among the models built there is the Santa Fe Artificial Stock Market, which shows “pretty realistic markets with bubbles, crashes, and persistent volatility,” says Blake LeBaron, one of its builders.
Over the following years the method spreads into archaeology, ecology, and epidemiology. But by the early 2010s, economists still need better data for real-world applications.
Read the full story and run the models yourself: santafe.edu/abm
