Advances in the agent-based modeling of economic and social behavior

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.

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Year of publication:	2021
Authors:	Steinbacher, Mitja ; Raddant, Matthias ; Karimi, Fariba ; Camacho Cuena, Eva ; Alfarano, Simone ; Iori, Giulia ; Lux, Thomas
Published in:	SN Business & Economics. - Cham : Springer International Publishing, ISSN 2662-9399. - Vol. 1.2021, 7
Publisher:	Cham : Springer International Publishing
Subject:	Agent-based models \| Heuristic design \| Model calibration \| Networks \| Behavioral economics \| Computational social science \| Computational economics

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Type of publication:	Article
Type of publication (narrower categories):	Article
Language:	English
Other identifiers:	10.1007/s43546-021-00103-3 [DOI]
Classification:	B41 - Economic Methodology ; C60 - Mathematical Methods and Programming. General ; D90 - Intertemporal Choice and Growth. General ; e70 ; G17 - Financial Forecasting ; g40 ; L20 - Firm Objectives, Organization, and Behavior. General
Source:	EconStor

Persistent link: https://www.econbiz.de/10014501632