The Computational Experiment

An Econometric Tool

Dados Bibliográficos

ID4923913
AutoresFinn E Kydland (Professor of Economics, Carnegie-Mellon University, Pittsburgh, Pennsylvania; Research Associate, Federal Reserve Bank of Cleveland, Cleveland, Ohio.), Edward C Prescott (Professor of Economics, University of Minnesota, Minneapolis, Minnesota; Research Associate, Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota.)
Ano1996
Volume10
Fascículo1
Páginas69-85
Data de publicação1996-02-01
Peer ReviewedSim
Open AccessSim
TipoARTICLE
PeriódicoThe Journal of Economic Perspectives (JOURNAL)
Identificadores do periódicoISSN: 0895-3309 • E-ISSN: 1944-7965
EditoraAmerican Economic Association (PUBLISHER • US)
DOI10.1257/jep.10.1.69
OpenAlexW2160586573
IdiomaEN
Citações recebidas25
Referências citadas27

An economic experiment places people in an environment desired by the experimenter, who then records the time paths of their economic behavior. Performing experiments using actual people at the level of national economies is obviously impractical but constructing a model economy and computing the economic behavior of the model's people is. Such experiments are termed 'computational' because economic behavior of the model's people is computed. This essay specifies the steps in designing a computational experiment to address some well-posed quantitative question. The computational experiment is an econometric tool used in the task of deriving the quantitative implications of theory

Computational economics · Computational model · Econometric model · Econometrics · Economic model · Economics · Macroeconomics · Management · Complex Systems and Time Series Analysis · Computer Science · Economic theories and models · Monetary Policy and Economic Impact · Artificial Intelligence