Publications Details
Development of Aspen: A microanalytic simulation model of the US economy
This report describes the development of an agent-based microanalytic simulation model of the US economy. The microsimulation model capitalizes on recent technological advances in evolutionary learning and parallel computing. Results are reported for a test problem that was run using the model. The test results demonstrate the model`s ability to predict business-like cycles in an economy where prices and inventories are allowed to vary. Since most economic forecasting models have difficulty predicting any kind of cyclic behavior. These results show the potential of microanalytic simulation models to improve economic policy analysis and to provide new insights into underlying economic principles. Work already has begun on a more detailed model.