This article describes the agent-based approach to modeling financial crises. It focuses on the interactions of agents and on how these interactions feed back to change the financial environment. It explains how these models embody the contagion and cascades that occur owing to the financial leverage and market concentration of the agents and the liquidity of the markets. This article also compares agent-based models to the standard economic approach to crises and shows the ways in which agent-based models overcome limitations of economic models when dealing with financial crises. In particular, this article demonstrates how agent-based models replace homogeneous, representative agents with heterogeneous agents and optimization with heuristics, and how such models move away from a focus on equilibrium, allowing non-ergodic dynamics that are manifest during financial crises to emerge.

中文翻译：

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基于代理的金融危机模型

本文介绍了基于代理的金融危机建模方法。它着重于代理人的交互以及这些交互如何反馈以改变财务环境。它解释了这些模型如何体现由于代理商的财务杠杆和市场集中度以及市场流动性而发生的传染和级联。本文还将基于代理的模型与标准的危机处理方法进行了比较，并说明了基于代理的模型在应对金融危机时克服了经济模型的局限性的方式。特别是，本文说明了基于代理的模型如何用异构代理替换同类的代表性代理，并通过启发式算法进行优化，以及此类模型如何摆脱对均衡的关注，