293 | Doyne Farmer on Chaos, Crashes, and Economic Complexity

998.379 - 1024.364 Doyne Farmer

And so you have to keep the models simple. You're just forced to do that. You're also writing down equations. You have to write down everything in equations. In an agent-based model, those constraints don't exist. We have models, we've run simulations with millions of agents making decisions. And there's just a lot more room to put in institutional structure, heterogeneity, real world stuff.