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Distributed Computing and Artificial Intelligence, 11th International Conference pp 47–54Cite as

Behavioral Macroeconomics and Agent-Based Macroeconomics

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Part of the book series: Advances in Intelligent Systems and Computing ((AISC,volume 290))

Abstract

In this article, we review the recent development of the agent-based macroeconomic models (ABMMs) using the skeleton of behavioral macroeconomics as proposed by George Akerlof. Based on the 15 models surveyed in this paper, we find that most behavioral elements addressed by Akerlof have not been well incorporated into the ABMMs. The only element which has been successfully well applied is the decision heuristics (rule-of-thumb behavior). We discuss the fundamental difficulties which cause the current deviations and highlight the expected efforts to meet the gap.

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Author information

Authors and Affiliations

  1. AI-ECON Research Center, Department of Economics, National Chengchi University, Taipei, 11605, Taiwan

    Shu-Heng Chen & Umberto Gostoli

Authors
  1. Shu-Heng Chen
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  2. Umberto Gostoli
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Corresponding author

Correspondence to Shu-Heng Chen .

Editor information

Editors and Affiliations

  1. Faculty of Engineering, Osaka Institute of Technology, Osaka, Osaka, Japan

    Sigeru Omatu

  2. Université Libre de Bruxelles, Bruxelles, Belgium

    Hugues Bersini

  3. Dept. of Computing Science and Control Faculty of Science, University of Salamanca, Salamanca, Spain

    Juan M. Corchado

  4. Department of Computing Science and Control, Faculty of Science, University of Salamanca, Salamanca, Spain

    Sara Rodríguez

  5. Faculty of Engineering Management, Poznan University of Technology, Poznan, Poland

    Paweł Pawlewski

  6. Dep. PPEQS, Section of Economics and Quantitative Methods, University of Chieti-Pescara, Pescara, Italy

    Edgardo Bucciarelli

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© 2014 Springer International Publishing Switzerland

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Cite this paper

Chen, SH., Gostoli, U. (2014). Behavioral Macroeconomics and Agent-Based Macroeconomics. In: Omatu, S., Bersini, H., Corchado, J., Rodríguez, S., Pawlewski, P., Bucciarelli, E. (eds) Distributed Computing and Artificial Intelligence, 11th International Conference. Advances in Intelligent Systems and Computing, vol 290. Springer, Cham. https://doi.org/10.1007/978-3-319-07593-8_6

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  • DOI: https://doi.org/10.1007/978-3-319-07593-8_6

  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-319-07592-1

  • Online ISBN: 978-3-319-07593-8

  • eBook Packages: EngineeringEngineering (R0)

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