Why are economists sceptical about agent-based simulations?
AbstractDespite many years of active research in the field and a number of fruitful applications, agent-based modeling has not yet made it through to the top ranking economic journals. In this paper we investigate why. We look at the following problematic areas: (i) interpretation of the simulation dynamics and generalization of the results, and (ii) estimation of the simulation model. We show that there exist solutions for both these issues. Along the way, we clarify some confounding differences in terminology between computer science and economic literature.
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Bibliographic InfoArticle provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.
Volume (Year): 355 (2005)
Issue (Month): 1 ()
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Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/
Agent-based simulation; Economic methodology;
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