Advances in the Agent-Based Modeling of Economic and Social Behavior

Steinbacher, Mitja and Raddant, Matthias and Karimi, Fariba and Camacho-Cuena, Eva and Alfarano, Simone and Iori, Giulia and Lux, Thomas (2021): Advances in the Agent-Based Modeling of Economic and Social Behavior.

Abstract

In this survey we discuss advances in the agent-based modeling of economic and social systems. We present the state of the art in the heuristic design of agents and the connections to the results from laboratory experiments on agent behavior. We further discuss how large-scale social and economic systems can be modeled and highlight novel methods and data sources. At last we present an overview of estimation techniques to calibrate and validate agent-based models.

• Item Type: MPRA Paper
• Language: English
• Keywords: agent-based models, heuristic design, model calibration, behavioral economics, computational social science, computational economics
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B41 - Economic Methodology; C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C60 - General; D - Microeconomics > D9 - Intertemporal Choice > D90 - General; G - Financial Economics > G1 - General Financial Markets > G17 - Financial Forecasting and Simulation; L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L20 - General

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