Managerial economics

About: Managerial economics is a research topic. Over the lifetime, 1524 publications have been published within this topic receiving 83965 citations.

Application Analysis on Large-Scale Computation for Social and Economic Systems: Application Case from China

Abstract: An Agent-based Computational Economics Model based on Classical Economics, the ACE-CE model for short, is established through a combined approach of the theoretical method and computational method. This model has successfully conducted several applications in China, which has proven the feasibility of mixed methods for large-scale computation in economics. It also verifies the theoretical rationality of classical economics. In particular, the model can vividly replicate economic processes in reality, demonstrating the existence of the invisible hand, a well-known conjecture by Adam Smith that in a market economy, there is an "invisible hand", acting in a regulatory capacity comprised of general rules. However, these general rules are achieved in a spontaneous fashion through enormous numbers of agents via the regulatory effect of profit orientation. This paper will focus on a typical case of the model to analyze the application effect of the model in large-scale computation for social and economic systems.