AI in Economic Simulations and Economic Development
In "AI in Economic Simulations and Economic Development", Gyula Rábai presents an overview of computational economics as a tool for modeling and analyzing economic systems. The presentation introduces key concepts like the Solow-Swan model and highlights the challenges posed by big data, emphasizing the need for advanced processing techniques to derive meaningful insights. It features a practical application of Discrete Event Simulation using datasets from the Office for National Statistics to compute economic outputs such as employment and GDP. The discussion extends to other methods, including continuous simulation, Monte Carlo for risk assessment, DSGE models, agent-based simulations for phenomena like wealth distribution, and emerging roles for AI in the field.
This presentation was given to:
Economic and Finance Society, Colchester Grammar School, 12th March 2025
Download slide show: EconomicSimulations.pptx