Browse Definitions :
Definition

computational economics

Contributor(s): Matthew Haughn

Computational economics is a field of economic study at the intersection of computer science, economics and management science. The main focus of is the integration of information (IT) into economics and the automation of formerly manual processes.

Computational economics uses advanced computing to solve problems from all branches of economic study. Both empirical and theoretical economics can use computational economics.

Areas of study within the field of computational economics include:

  • Agent-based computational modeling.
  • Computational econometrics and statistics.
  • Computational finance.
  • Computational modeling of dynamic macroeconomic systems.
  • Computational tools for the design of automated internet markets.
  • Programming tools for computational economics.

Computers are used to model solutions to analytically- and statistically-formulated economic problems. Computational economics can solve problems and simulate models involving calculations that are too complex or numerous to be performed by humans in a timely manner. Agent-based computer modeling, for example, might use agents (computer-defined object models) to represent groups, or even individuals in an entire economy in a social simulation.

Any branch of economic study may use modeling through computers, thereby entering the field of computational economics. As a relatively new field of study, the definition of computational economics remains somewhat plastic. As the field matures, many believe that computational economics will become reintegrated into the greater field of economics and its applications expanded.

Integration of IT and increasing automation is a pervasive and multi-discipline trend in fields including computational linguistics, computational law, computational healthcare and computational design.

This was last updated in August 2017

Continue Reading About computational economics

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

SearchCompliance

  • regulatory compliance

    Regulatory compliance is an organization's adherence to laws, regulations, guidelines and specifications relevant to its business...

  • Whistleblower Protection Act

    The Whistleblower Protection Act of 1989 is a law that protects federal government employees in the United States from ...

  • smart contract

    A smart contract, also known as a cryptocontract, is a computer program that directly controls the transfer of digital currencies...

SearchSecurity

  • RSA algorithm (Rivest-Shamir-Adleman)

    The RSA algorithm is the basis of a cryptosystem -- a suite of cryptographic algorithms that are used for specific security ...

  • remote access

    Remote access is the ability to access a computer or a network remotely through a network connection.

  • IP Spoofing

    IP spoofing is the crafting of Internet Protocol (IP) packets with a source IP address that has been modified to impersonate ...

SearchHealthIT

SearchDisasterRecovery

  • virtual disaster recovery

    Virtual disaster recovery is a type of DR that typically involves replication and allows a user to fail over to virtualized ...

  • tabletop exercise (TTX)

    A tabletop exercise (TTX) is a disaster preparedness activity that takes participants through the process of dealing with a ...

  • risk mitigation

    Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a data center.

SearchStorage

  • disk array

    A disk array, also called a storage array, is a data storage system used for block-based storage, file-based storage or object ...

  • enterprise storage

    Enterprise storage is a centralized repository for business information that provides common data management, protection and data...

  • optical storage

    Optical storage is any storage type in which data is written and read with a laser. Typically, data is written to optical media, ...

Close