Economists win prize for agent-based forecast model

forecasting

Economists Sebastian Poledna, Michael Gregor Miess and Cars Hommes have won a prize for a paper detailing what they say is the first agent-based model that can compete with more conventional economic forecast methods.

Agent-based models (ABMs) model the economy as a system of agents that interact in complex and unpredictable ways. Unlike the dominant forecast methods in use at central banks, they are run as a simulation, with results emerging from the interactions of agents. More conventional

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