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

Mitja Steinbacher; Matthias Raddant; Fariba Karimi; Eva Camacho Cuena; Simone Alfarano; Giulia Iori; Thomas Lux

doi:10.1007/s43546-021-00103-3

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

Mitja Steinbacher, Matthias Raddant^*, Fariba Karimi, Eva Camacho Cuena, Simone Alfarano, Giulia Iori, Thomas Lux

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

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 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.

Original language	English
Article number	99
Journal	SN Business & Economics
Volume	1
DOIs	https://doi.org/10.1007/s43546-021-00103-3
Publication status	Published - 7 Jul 2021
Externally published	Yes

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title = "Advances in the agent-based modeling of economic and social behavior",

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 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.",

author = "Mitja Steinbacher and Matthias Raddant and Fariba Karimi and Cuena, {Eva Camacho} and Simone Alfarano and Giulia Iori and Thomas Lux",

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AU - Cuena, Eva Camacho

AU - Alfarano, Simone

AU - Iori, Giulia

AU - Lux, Thomas

PY - 2021/7/7

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AB - 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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M3 - Article

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JO - SN Business & Economics

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

Abstract

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