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Empirical Validation of Agent-Based Models: Alternatives and Prospects

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Author Info
Paul Windrum ()
Giorgio Fagiolo ()
Alessio Moneta ()

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Abstract

This paper addresses a set of methodological problems arising in the empirical validation of agent-based (AB) economics models and discusses how these are currently being tackled. These problems are generic for all those engaged in AB modelling, not just economists. The discussion is therefore of direct relevance to JASSS readers. The paper has two objectives. The first objective is the identification of a set of issues that are common to all modellers engaged in empirical validation. This gives rise to a novel taxonomy that captures the relevant dimensions along which AB modellers differ. The second objective is a focused discussion of three alternative methodological approaches being developed in AB economics - indirect calibration, the Werker-Brenner approach, and the history-friendly approach – and a set of (as yet) unresolved issues for empirical validation that require future research.

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Publisher Info
Article provided by Journal of Artificial Societies and Social Simulation in its journal Journal of Artificial Societies and Social Simulation.

Volume (Year): 10 (2007)
Issue (Month): ()
Pages:
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Handle: RePEc:jas:jasssj:2006-40-2

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Related research
Keywords: Methodology Empirical Validation Agent-Based Models Simulation Calibration History-Friendly Models

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  1. Albert Faber & Koen Frenken, 2008. "Models in evolutionary economics and environmental policy: Towards and evolutionary environmental economics," Innovation Studies Utrecht (ISU) working paper series 08-15, Utrecht University, Department of Innovation Studies, revised Apr 2008. [Downloadable!]
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This page was last updated on 2008-8-2.


This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.