Artificial economic agents

1992 ◽  
Author(s):  
Pietro Terna
Keyword(s):  
Economic Agents ◽  
Artificial Economic Agents

Book Reviews

2016 ◽  
Vol 54 (4) ◽  
pp. 1394-1395
Keyword(s):  
Graduate Students ◽  
Behavioral Economics ◽  
Market Analysis ◽  
Computational Economics ◽  
State University ◽  
Iowa State University ◽  
Agent Based ◽  
Economic Agents ◽  
Artificial Economic Agents

Leigh Tesfatsion of Iowa State University reviews “Agent-Based Computational Economics: How the Idea Originated and Where It Is Going,” by Shu-Heng Chen. The Econlit abstract of this book begins: “Aimed at graduate students researching computational economics, experimental economics, behavioral economics, and research methodology, presents an explanation of agent-based computational economics (ACE) and how it brings decentralized procedures into market analysis, including how artificial economic agents are designed.”

Artificial Economics

2021 ◽  
Author(s):  
Ruben Mercado
Keyword(s):  
Artificial Intelligence ◽  
Group Behavior ◽  
Behavior Patterns ◽  
Controversial Issues ◽  
Economic Agents ◽  
Basic Assumptions ◽  
Introductory Overview ◽  
Evolutionary Science ◽  
Artificial Economic Agents ◽  
The Relationship

This introductory overview explores the methods, models and interdisciplinary links of artificial economics, a new way of doing economics in which the interactions of artificial economic agents are computationally simulated to study their individual and group behavior patterns. Conceptually and intuitively, and with simple examples, Mercado addresses the differences between the basic assumptions and methods of artificial economics and those of mainstream economics. He goes on to explore various disciplines from which the concepts and methods of artificial economics originate; for example cognitive science, neuroscience, artificial intelligence, evolutionary science and complexity science. Introductory discussions on several controversial issues are offered, such as the application of the concepts of evolution and complexity in economics and the relationship between artificial intelligence and the philosophies of mind. This is one of the first books to fully address artificial economics, emphasizing its interdisciplinary links and presenting in a balanced way its occasionally controversial aspects.

From Market Studies to Society Analysis

2005 ◽  
pp. 63-81
Author(s):  
Ya. Kouzminov ◽  
K. Bendoukidze ◽  
M. Yudkevich
Keyword(s):  
Institutional Theory ◽  
Policy Making ◽  
Institutional Design ◽  
The Real ◽  
Economic Agents

The article examines the main concepts of modern institutional theory and the ways its tools and concepts could be applied in the real policy-making. In particular, the authors focus on behavioral assumptions of the theory that allow them to explain the imperfection of economic agents’ behavior as a reason for rules and institutions to emerge. Problems of institutional design are also discussed.

Sociostructural Aspects of Socio-Economic Development:The role of Economic approach

2014 ◽  
pp. 86-105
Author(s):  
M. Shabanova
Keyword(s):  
Economic Development ◽  
Structural Factors ◽  
Economic Approach ◽  
Economic Agents ◽  
Socio Economic Development

The author discusses the importance of studying socio-structural factors of socio-economic development through a broader application of the economic approach. The resources of status positions of economic agents are in the spotlight. A possible platform for interdisciplinary interactions is proposed which allows to increase the contribution of both economics and sociology in improving governance at all levels.

Estimation of welfare costs of inflation: The case of Russia

2019 ◽  
pp. 55-69 ◽  
Author(s):  
Sergey M. Drobyshevskiy ◽  
Natalia V. Makeeva ◽  
Elena V. Sinelnikova-Muryleva ◽  
Pavel V. Trunin
Keyword(s):  
Inflation Targeting ◽  
Empirical Studies ◽  
Welfare Costs ◽  
Economic Agents ◽  
Academic Literature ◽  
Russian Economy ◽  
Theoretical Approaches ◽  
Real Gdp ◽  
Quantitative Estimates ◽  
Positive Effect

This paper is devoted to the estimation of welfare costs of inflation, taking into account the peculiarities of the Russian economy. Theoretical approaches that are used in the literature to analyze the costs of inflation are discussed in the paper. It also provides an overview of the empirical studies of this topic. Research found in academic literature shows that the results of quantitative estimates are extremely sensitive to the choice of the functional form of the money demand equation, as well as to assumptions that are made to simplify the analysis, some of which do not fit Russian data. As a result, we have modified the standard approaches to estimating welfare costs of inflation, taking into account the monetization growth in Russia, and provide quantitative estimates of the magnitude of welfare costs of inflation. The results indicate a significant gain for economic agents in terms of real GDP with a decrease in inflation, which is regarded as a positive effect from the inflation targeting policy.

Organizational Culture in the Focus of Improving Risk Management in the Enterprise

2020 ◽  
Vol 17 (4) ◽  
pp. 86-95
Author(s):  
R. M. Kachalov ◽  
Yu. A. Sleptsova
Keyword(s):  
Risk Management ◽  
Organizational Culture ◽  
Point Of View ◽  
Economic Risk ◽  
Management Activity ◽  
Economic Agents ◽  
Cultural Aspects ◽  
Industrial Enterprises ◽  
Operational Theory ◽  
Stable Forms

The article considers the manifestations of the phenomenon of economic risk in the socioeconomic ecosystems of industrial enterprises, examines and differentiates the pragmatic and cultural aspects of the concept of "economic risk management". In terms of methodology, the study is based on the operational theory of risk management, and also uses tools to describe the organizational culture of risk management. Pragmatic and cultural differences in the characteristics of economic risk are identified at the level of stable forms of management activity with the involvement of the main provisions of the operational theory of risk management. The phenomenon of risk is considered in the ontological space as an artificial category of activity of industrial enterprises and other economic agents that form a socio-economic ecosystem. This phenomenon is studied as a specific form of social communication associated with the desire to assess the uncertain future in the present time, mainly from the point of view of analysis and management of the level of economic risk in the enterprise.

The transformation of the decision-making process on the part of economic agents influenced by social constraints

2020 ◽  
Vol 16 (7) ◽  
pp. 1202-1222
Author(s):  
M.V. Grechko ◽  
L.A. Kobina ◽  
S.A. Goncharenko
Keyword(s):  
Decision Making ◽  
Consumer Choice ◽  
Social Constraints ◽  
Decision Making Process ◽  
Economic Knowledge ◽  
Economic Agents ◽  
The Individual ◽  
Contextual Environment ◽  
Economic Constraints ◽  
External Signals

Subject. The article focuses on the decision-making mechanism used by economic agents given the existing social constraints. Objectives. We devise applied toolkit to study how socio-economic constraints transform the decision-making mechanism used by economic agents. Methods. The study involves means of the expert survey, the method that streamlines economic knowledge. Results. Social constraints are illustrated to influence the decision-making mechanism used by economic agents, assuming that the individual mind relies on specific mechanisms to make judgments and decisions. Generally, the mechanisms are very useful, however they may generate serious errors during the decision-making process. Given the social constraints, economic agents were found to follow four mental models to make their decisions in case of the full or partial uncertainty, i.e. the representative relevance, accessibility, relations, heuristics (modeling). Conclusions and Relevance. The scientific ideas herein show that the inner architecture of a choice an individual makes determines his or her decisions. The decisions often depend on the contextual environment that gives external signals perceived by the individual while evaluating alternative ways. The findings can possibly be used as a mechanism to manage the consumer choice.

A methodology for computing and assessing the transport accessibility index: The Russian Federation subjects case study

2020 ◽  
Vol 26 (11) ◽  
pp. 2410-2426
Author(s):  
A.N. Savrukov ◽  
N.T. Savrukov
Keyword(s):  
Russian Federation ◽  
Geographical Location ◽  
Cost Benefit ◽  
Spatial Development ◽  
Economic Effects ◽  
Economic Agents ◽  
Economic Relations ◽  
Transport Accessibility ◽  
Analysis And Synthesis ◽  
The Russian Federation

Subject. This article examines the set of economic relations and problems emerging within the spatial development of settlements and constituent entities of the Russian Federation. Objectives. The article aims to develop key indicators and methods for assessing transport accessibility, potential market capacity, taking into account socio-economic characteristics, geographical location and the level of connectivity of areas. Methods. For the study, we used the methods of economic, statistical analysis and synthesis, comparison, and the k-means method. Results. The article proposes a system of cost-benefit equations for economic agents, and criteria, and a methodology for assessing the Transport Accessibility Index. Based on the clustering of Russian subjects by k-means, the article describes four groups of regions by level of transport accessibility. Conclusions and Relevance. The practical use of the approach presented to assess the Transport Accessibility Index will help form the basis for management decisions aimed at improving efficiency in the planning of spatial development and assessing the socio-economic effects of the proposed measures. The developed Transport Accessibility Index should be used as part of the analysis and monitoring of the effectiveness of infrastructure expenditures affecting changes in the transport accessibility of settlements within individual regions (municipalities).

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