▁but ▁" comput ational ▁objects ▁mode led ▁as ▁interact ing ▁according ▁to ▁rules " ▁... ▁" wh ose ▁micro - level ▁interactions ▁create ▁emer gent ▁patterns " ▁▁ ▁in ▁space ▁and ▁time . ▁The ▁rules ▁are ▁form ulated ▁to ▁predict ▁behavior ▁and ▁social ▁interactions ▁based ▁on ▁in cent ives ▁and ▁information . ▁The ▁theoretical ▁assumption ▁of ▁mathematical ▁optimization ▁by ▁agents ▁mark ets ▁is ▁replaced ▁by ▁the ▁less ▁restrict ive ▁post ulate ▁of ▁agents ▁with ▁bounded ▁rational ity ▁adapt ing ▁to ▁market ▁forces . ▁ ▁A CE ▁models ▁apply ▁numerical ▁methods ▁of ▁analysis ▁to ▁computer - based ▁simulations ▁of ▁complex ▁dynamic ▁problems ▁for ▁which ▁more ▁conventional ▁methods , ▁such ▁as ▁theorem ▁form ulation , ▁may ▁not ▁find ▁ready ▁use . ▁Starting ▁from ▁specified ▁initial ▁conditions , ▁the ▁computational ▁economic ▁system ▁is ▁mode led ▁as ▁evol ving ▁over ▁time ▁as ▁its ▁constitu ent ▁agents ▁repeatedly ▁interact ▁with ▁each ▁other . ▁In ▁these ▁respect s , ▁A CE ▁has ▁been ▁character ized ▁as ▁a ▁bottom - up ▁culture - d ish ▁approach ▁to ▁the ▁study ▁of ▁the ▁economy . ▁In ▁contrast ▁to ▁other ▁standard ▁model ing ▁methods , ▁A CE ▁events ▁are ▁driven ▁sole ly ▁by ▁initial ▁conditions , ▁whether ▁or ▁not ▁equilib ria ▁exist ▁or ▁are ▁computation ally ▁tract able . ▁▁ ▁A CE ▁model ing , ▁however , ▁includes ▁agent ▁adaptation , ▁aut onomy , ▁and ▁learning . ▁It ▁has ▁a ▁similarity ▁to , ▁and ▁overlap ▁with , ▁game ▁theory ▁as ▁an ▁agent - based ▁method ▁for ▁model ing ▁social ▁interactions . ▁Other ▁dimensions