BoE article sees benefits to agent-based modelling
“Bottom-up approach” is complementary to models already used widely
Agent-based models take a "bottom-up approach" to the economy, offering a "compelling" complement to "top-down" approaches that are already widely used, says an article in the latest issue of the Bank of England's (BoE) Quarterly Bulletin, published today (December 16).
Examining agent-based models, economists at the UK's central bank said their strength lies in how very simple behaviours can combine to recreate the more complex behaviours observed in the real world.
"This 'bottom-up' approach
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