The increasing focus on Agent-Based Models (ABMs) in economic studies results from the inadequacy of prevailing theoretical frameworks, notably exposed during the 2007–2008 global financial crisis and the COVID-19 pandemic. Complex models like EURACE demand extensive validation, often facing overfitting challenges. To facilitate understanding, simple games serve as effective tools for introducing agent-based modeling to beginners. Schelling’s model of social segretation for example, illustrates emergence, emphasizing contingent behavior influenced by individual goals and purposes. This chapter introduces MyWealth, a basic economic exchange model with a learning component, akin to the Simple Economy model. We create this model from scratch in Python, simulating simplified economies, aiding in teaching economic concepts and agent-based modeling principles.

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MyWealth: A Simple Model of Economic Exchange in Python

  • Joaquim Margarido,
  • Pedro Campos

摘要

The increasing focus on Agent-Based Models (ABMs) in economic studies results from the inadequacy of prevailing theoretical frameworks, notably exposed during the 2007–2008 global financial crisis and the COVID-19 pandemic. Complex models like EURACE demand extensive validation, often facing overfitting challenges. To facilitate understanding, simple games serve as effective tools for introducing agent-based modeling to beginners. Schelling’s model of social segretation for example, illustrates emergence, emphasizing contingent behavior influenced by individual goals and purposes. This chapter introduces MyWealth, a basic economic exchange model with a learning component, akin to the Simple Economy model. We create this model from scratch in Python, simulating simplified economies, aiding in teaching economic concepts and agent-based modeling principles.