On Wednesday 29th October, Doyne Farmer, from the University of Oxford, will give the talk:
A long-term vision for computational economics
Nightingale Building (67) room 1003, Highfield Campus, 4pm. All welcome. Refreshments served after the talk.
Abstract: The ability to simulate phenomena is probably the biggest driver of theoretical progress in physical science during the last 50 years. The same is not true in economics and social science in general. Why is this so? I will argue that the time is ripe for this to happen and present a plan for how it could be done and what breakthroughs are required. I will review the accomplishments of agent-based models in economics so far, discuss the key theoretical and practical challenges for creating the next generation of models, and present key lessons from the CRISIS project (for which I am scientific coordinator). I will particularly focus on the need for large scale simulation models, analogous to the global circulation models used in meteorology and climate, and discuss the similarities and differences with meteorology. Finally I will present a vision of what such large scale models might be like and what they would enable us to do ten or twenty years from now.