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The Empirical Validation of an Agent-based Model

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  • Pasquale Cirillo

    (Institute of Mathematical Statistics and Actuarial Sciences, University of Bern, Sidlerstrasse 5, CH-3012, Bern, Switzerland.)

  • Mauro Gallegati

    (Department of Economics, Universit� Politecnica delle Marche, Piazzale Martelli 8, IT-60121, Ancona, Italy.)

Abstract

The aim of this paper is to empirically validate the agent-based macroeconomic model of Gaffeo et al. [2008]. We show that the microsimulated version of the model is able to replicate actual data with a satisfactory degree of precision. From a theoretical point of view, our validation approach is made up of three different steps: a calibrated microsimulation of the model with actual data, an ex-post descriptive validation of the results, and a simple calibration exercise to ameliorate the goodness-of-fit of the model. The validation procedure of this paper has been performed using Italian data.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Eastern Economic Journal.

Volume (Year): 38 (2012)
Issue (Month): 4 ()
Pages: 525-547

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Handle: RePEc:pal:easeco:v:38:y:2012:i:4:p:525-547

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Citations

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Cited by:
  1. Anna Klabunde, 2014. "Computational Economic Modeling of Migration," Ruhr Economic Papers, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen 0471, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  2. Annalisa Fabretti, 2013. "On the problem of calibrating an agent based model for financial markets," Journal of Economic Interaction and Coordination, Springer, Springer, vol. 8(2), pages 277-293, October.
  3. Jakob Grazzini & Matteo G. Richiardi, 2013. "Consistent Estimation of Agent-Based Models by Simulated Minimum Distance," LABORatorio R. Revelli Working Papers Series, LABORatorio R. Revelli, Centre for Employment Studies 130, LABORatorio R. Revelli, Centre for Employment Studies.

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