Economacs
Economacs is a free and open source economic simulation software focused on agent-based computational economics. It allows users to model and simulate the interactions of agents such as consumers, producers, policy makers to study economic theories and concepts.
agentbased
computational-economics
economic-simulation
economics
free
open-source
Economacs: Free Open Source Economic Simulation Software
Economacs is a free and open source economic simulation software focused on agent-based computational economics. It allows users to model and simulate the interactions of agents such as consumers, producers, policy makers to study economic theories and concepts.
What is Economacs?
Economacs is a free and open source economic simulation software tool for agent-based computational economics. It provides a platform for economists, researchers, students to create economic models consisting of economic agents such as consumers, producers, banks, governments etc. and simulate their interactions.
Key features of Economacs:
- Graphical user interface to define agents, resources, simulation parameters without programming
- Flexibility to customize agent behaviors and interactions by programming
- Agents can trade resources through different exchange mechanisms like auctions, posted prices etc.
- Model financial flows between economic units
- Analyze emergent economic properties like prices, output, income and wealth distributions etc.
- Rich visualization tools to understand simulation dynamics
Economacs is implemented in Java and can run simulations efficiently with thousands of agents. It can be a useful tool for researchers to test economic theories or for students to understand working of economic systems through simulations.
Economacs Features
Features
- Agent-based modeling
- General equilibrium modeling
- Monetary policy modeling
- Fiscal policy modeling
- Trade policy modeling
- Macroeconomic dynamics
- Microeconomic foundations
- Heterogeneous agents
- Bounded rationality
- Interaction effects
- Emergent phenomena
Pricing
- Open Source
Pros
Free and open source
Customizable and extensible
Active development community
Educational focus
GUI for model building and visualization
Large library of sample models
Cons
Steep learning curve
Limited documentation
Niche user base
Constrained scalability for large models
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