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Advances in the agent-based modeling of economic and social behavior
[journal article]
Abstract In this review we discuss advances in the agent-based modeling of economic and social systems. We show the state of the art of the heuristic design of agents and how behavioral economics and laboratory experiments have improved the modeling of agent behavior. We further discuss how economic networks... view more
In this review we discuss advances in the agent-based modeling of economic and social systems. We show the state of the art of the heuristic design of agents and how behavioral economics and laboratory experiments have improved the modeling of agent behavior. We further discuss how economic networks and social systems can be modeled and we discuss novel methodology and data sources. Lastly, we present an overview of estimation techniques to calibrate and validate agent-based models and show avenues for future research.... view less
Classification
Basic Research, General Concepts and History of Economics
Methods and Techniques of Data Collection and Data Analysis, Statistical Methods, Computer Methods
Free Keywords
Agent-based models; Behavioral economics; Computational economics; Computational social science; Heuristic design; Model calibration; Networks; Review
Document language
English
Publication Year
2021
Journal
SN Business & Economics, 1 (2021) 7
DOI
https://doi.org/10.1007/s43546-021-00103-3
ISSN
2662-9399
Status
Published Version; peer reviewed