Computational Economics

Paul Humphreys

in The Oxford Handbook of Philosophy of Economics

Published in print March 2009 | ISBN: 9780195189254
Published online September 2009 | e-ISBN: 9780199892105 | DOI:

Series: Oxford Handbooks in Philosophy

Computational Economics

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Computational economics is a relatively new research technique in economics, but it is inexorably taking its place alongside the more traditional methods of general theory, abstract modeling, data analysis, and the more recent experimental economics. Perhaps because of its relative newness, the term computational economics currently has no determinate meaning. In contemporary use, it refers to a heterogeneous cluster of techniques implemented on concrete digital computers ranging from the numerical solution of the Black-Scholes partial differential equation for pricing options through automated trading strategies to agent-based computer simulations of the evolution of cooperation. Because of this heterogeneity, it is not possible to provide a comprehensive coverage of the topic in this article. Another reason for this restricted scope is that many of the methods used in computational economics have considerable technical interest but no particular philosophical relevance.

Keywords: computational economics; abstract modeling; data analysis; heterogeneous cluster; Black-Scholes partial differential equation

Article.  6627 words. 

Subjects: Philosophy of Science ; Philosophy of Mathematics and Logic

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