Open Problems In Using Agent-Based Models In Industrial And Labor Dynamics
AbstractThe preceding papers have shown the impressive versatility and potential of agent-based modeling in developing an understanding of industrial and labor dynamics. The main attraction of agent-based models is that the actors — firms, workers, and networks — that are the objects of study in the 'real world,' can be represented directly in the model. This one-to-one correspondence between model agents and economic actors provides greater clarity and more opportunities for analysis than many alternative modeling approaches. However, the advantages of agent-based modeling have to be tempered by disadvantages and as yet unsolved methodological problems. In this brief summary drawn from the discussion at the closing session of WILD@ACE, we review three of these open problems in the context of the papers presented at the conference: How can agent-based models be empirically validated? What criteria should be used to evaluate the explanatory success of agent-based models? And how can the conclusions of research on similar topics be integrated?
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Bibliographic InfoArticle provided by World Scientific Publishing Co. Pte. Ltd. in its journal Advances in Complex Systems.
Volume (Year): 07 (2004)
Issue (Month): 02 ()
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- G. Fagiolo & C. Birchenhall & P. Windrum, 2007. "Empirical Validation in Agent-based Models: Introduction to the Special Issue," Computational Economics, Society for Computational Economics, vol. 30(3), pages 189-194, October.
- Giorgio Fagiolo & Alessio Moneta & Paul Windrum, 2007. "A Critical Guide to Empirical Validation of Agent-Based Models in Economics: Methodologies, Procedures, and Open Problems," Computational Economics, Society for Computational Economics, vol. 30(3), pages 195-226, October.
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