Nwaobi, Godwin (2011): Agent-based computational economics and African modeling:perspectives and challenges.
Download (100kB) | Preview
In recent years, the government, of African Countries has assumed major responsibilities for economic reforms and growth. In attempting to describe their economies, economists (policymakers) in many African Countries have applied certain models that are by now widely known: Linear programming models, input-output models, macro-econometric models, vector auto regression models and computable general equilibrium models. Unfortunately, economies are complicated systems encompassing micro behaviors, interaction patterns and global regularities. Whether partial or general in scope, studies of economic systems must consider how to handle difficult real-world aspects such as asymmetric information, imperfect competition, strategic interaction, collective learning and multiple equilibria possibility. This paper therefore argues for the adoption of alternative modeling (bottom-up culture-dish) approach known as AGENT-BASED Computational Economics (ACE), which is the computational study of African economies modeled as evolving systems of autonomous interacting agents. However, the software bottleneck (what rules to write for our agents) remains the primary challenge ahead.
|Item Type:||MPRA Paper|
|Original Title:||Agent-based computational economics and African modeling:perspectives and challenges|
|Keywords:||artificial intelligence; computational laboratory; complex networks; multi-agent systems; agent-base computational economics; social networks; macro-econometric model; linear programming; input-output; vector auto regression; ace models; var models; neural networks; gene networks; derivatives; financial contagion; Africa economies; aceges models; energy|
|Subjects:||C - Mathematical and Quantitative Methods > C9 - Design of Experiments
C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling
C - Mathematical and Quantitative Methods > C5 - Econometric Modeling
C - Mathematical and Quantitative Methods > C0 - General
B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology
C - Mathematical and Quantitative Methods > C7 - Game Theory and Bargaining Theory
C - Mathematical and Quantitative Methods > C1 - Econometric and Statistical Methods and Methodology: General
C - Mathematical and Quantitative Methods > C4 - Econometric and Statistical Methods: Special Topics
D - Microeconomics > D5 - General Equilibrium and Disequilibrium
C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models ; Multiple Variables
C - Mathematical and Quantitative Methods > C8 - Data Collection and Data Estimation Methodology ; Computer Programs
C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables
|Depositing User:||GODWIN NWAOBI|
|Date Deposited:||15 Dec 2011 02:34|
|Last Modified:||15 Jun 2016 19:11|
Adams, C. et.al. (1990) “A scenario and Forecast Adjustment model for Developing countries” world development outlook.
Adamson, Y.K. (1974) “A Linear short-term forecasting model for National Economic Planning in Nigeria,” An unpublished M.sc. dissertation Birmingham University.
Adenikinju, F.A. (1994) “Analysis, of energy pricing policy in Nigeria: An Application of Computable General Equilibrium model," An unpublished Ph.D. Thesis, Ibadan University, Nigeria.
Adenikinju, A. et.al. (ed) (2009) Applied Econometrics and Macro-econometric Modeling in Nigeria, Ibadan: Ibadan University Press
Adenikinju, A. et.al. (ed) (2009) Computable General Equilibrium Modeling in Nigeria, Ibadan: Ibadan University Press.
Adenikinju A and S. Olofin (2004) “A General Equilibrium Analysis of Investment Input in the Nigeria NLG Industry”, Nigerian Journal of Economic and social studies Vol. 46 No I
Adeniyi, J.S. et.al. (1983) “The CEAR macro-econometric model of the Nigerian Economy,” DP-83-06, CEAR, University of Ibadan.
Agenor, R. (1990) “Stabilization Policies in Developing Countries with a Parallel Market for Foreign Exchange. A formal framework,” IMF Staff Papers (Sept).
Agenor, R. et.al. (1993) Informal Financial Markets in Developing Countries: A Macroeconomic Analysis, London: Basil Blackwell
Ajakaiye, D.O (1994) “Short-Run Macroeconomic Effects of Bank lending Rates in Nigeria (1987): A Computable General Equilibrium Analysis”, AERC Final Research Report Nairobi, Kenya.
Ajakaiye, D.O. (1995) “Incidence Analysis of value Added Tax in Nigeria: A Computable General Equilibrium Approach” African Journal of Economics Policy 2 (2)
Aman, H.M., Kendrick, D.A. and J. Rust (1996) Handbook of Computational Economics 1, Amsterdam: Elsevier (North-Holland)
Bryant, R.C. et.al. (1993) Evaluating Policy Regimes: New Research in Empirical Macroeconomics, Washington: Brookings Institution
Bumsay (1997) Development and operationalization of the National planning commission short-term Macro econometric Model and Medium-Term computable General Equilibrium Model of the Nigeria Economy’” Project Interim Report, Bumsay (Nigeria) LTD/National Planning Commission.
Central bank of Nigeria (2010) Monetary Policy Transmission Mechanism in Nigeria, Abuja: Central bank of Nigeria.