Agent-Based Modeling (ABM) in Economics and Finance
2015 CEF Conference Workshop, Taipei
GREThA (UMR CNRS 5113), Bordeaux University
Last update: June 14, 2015
The aim of this workshop is to introduce the participants to the
development of ABMs in economics and finance, with a hands-on approach
using a user-friendly ABM platform: NetLogo.
This six-hours workshop will start with a very quick introduction to
agent-based modeling in economics, present the NetLogo platform and its
modeling language, and invite the participants to develop a model
selected from a sample proposed by the instructor (see the list below).
This web site dedicated to the workshop will later propose supplementary
documents and information about this workshop.
NetLogo is a modeling platform that is very well adapted to the
development of small/medium scale ABMs that can also be run on
multi-core computers and clusters. It provides the modeler with tools
for developing a graphical user interface for exploring the model's
behavior, and learning its modeling language is quite easy.
The users are invited to download and install NetLogo on their computers before the beginning of the workshop. It is available for all major operating systems.
Before the workshop:
- Install NetLogo on your laptop
- Download (and print?) all support documents
- Check the NetLogo Tutorials from the Learning NetLogo section of the NetLogo manual
- Charge your battery and bring en extended battery (mainly necessary for the afternoon session)
Outline of the workshop
- Introduction: ABMs for modeling the economy as a complex adaptive system (1 hour) - Handout
- Introduction to NetLogo: Presentation of NetLogo and of its modeling language using a very simple example (2 hours) - Handout - NetLogo program (Right-click + Save the link as...)
- Hands-on session (3,5 hours): each participant will be invited to choose
one of the following simple models and to develop a NetLogo version of
Miller, John H. & Page, Scott E. 2007. Complex Adaptive Systems. Princeton University Press.
Nelson, R. and S. Winter, 1984, An Evolutionary Theory of Economic Change, Belknapp Press, Cambridge: MA
Railsback, Steven F., & Grimm, Volker. 2012. Agent-based and Individual-based Modeling. A practical introduction. Princeton University Press.
Schelling, Thomas C. 2006. Micromotives and Macrobehavior. W.W. Norton.
- Vallée T., M. Yildizoglu, "Convergence in the Finite Cournot Oligopoly with Social and Individual Learning", Journal of Economic Behaviour and Organization, 72, 670-690, 2009.
- Wilensky, U. and W. Rand, 2015, An Introduction to Agent-Based Modeling. Modeling Natural, Social, and Engineered Complex Systems with NetLogo, MIT Press, Cambridge:MA.
NetLogo web site
Documentation of NetLogo
Dictionary of NetLogo language
Quick Introduction to NetLogo by Luis R. Izquierdo
Video tutorials on YouTube by Gabriel Wurzer