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Agent-Based Modelling: A Methodology for Neo-Schumpeterian Economics

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Modellers have had to wrestle with an unavoidable trade-off between the demand of a general theoretical approach and the descriptive accuracy required to model a particular phenomenon. A new class of simulation models has shown to be well adapted to this challenge, basically by shifting outwards this trade-off: So-called agent-based models (ABMs henceforth) are increasingly used for the modelling of socio-economic developments. Our paper deals with the new requirements for modelling entailed by the necessity to focus on qualitative developments, pattern formation, etc. which is generally highlighted within Neo-Schumpeterian Economics and the possibilities given by ABMs.

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Paper provided by Universitaet Augsburg, Institute for Economics in its series Discussion Paper Series with number 272.

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Length: pages
Date of creation: Feb 2005
Date of revision:
Handle: RePEc:aug:augsbe:0272

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Keywords: Simulation; Neo-Schumpeterian Economics; Agents;

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