IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Why are economists sceptical about agent-based simulations?

  • Leombruni, Roberto
  • Richiardi, Matteo

Despite 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.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.sciencedirect.com/science/article/pii/S0378437105002815
Download Restriction: Full text for ScienceDirect subscribers only. Journal offers the option of making the article available online on Science direct for a fee of $3,000

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.

Volume (Year): 355 (2005)
Issue (Month): 1 ()
Pages: 103-109

as
in new window

Handle: RePEc:eee:phsmap:v:355:y:2005:i:1:p:103-109
Contact details of provider: Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Arthur, W Brian, 1994. "Inductive Reasoning and Bounded Rationality," American Economic Review, American Economic Association, vol. 84(2), pages 406-11, May.
  2. Pantelis Kalaitzidakis & Theofanis P. Mamuneas & Thanasis Stengos, 2003. "Rankings of Academic Journals and Institutions in Economics," Journal of the European Economic Association, MIT Press, vol. 1(6), pages 1346-1366, December.
  3. Gode, Dhananjay K & Sunder, Shyam, 1993. "Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality," Journal of Political Economy, University of Chicago Press, vol. 101(1), pages 119-37, February.
  4. Arifovic, Jasmina, 1996. "The Behavior of the Exchange Rate in the Genetic Algorithm and Experimental Economies," Journal of Political Economy, University of Chicago Press, vol. 104(3), pages 510-41, June.
  5. Weisbuch, G. & Kirman, A. & Herreiner, D., 1998. "Market Organisation and Trading Relationships," G.R.E.Q.A.M. 98a32, Universite Aix-Marseille III.
  6. Tesfatsion, Leigh S., 2001. "Introduction to the Special Issue on Agent-Based Computational Economics," Staff General Research Papers 1915, Iowa State University, Department of Economics.
  7. Tullock, Gordon & Campbell, Colin D, 1970. "Computer Simulation of a Small Voting System," Economic Journal, Royal Economic Society, vol. 80(317), pages 97-104, March.
  8. W. Brian Arthur, 1994. "Inductive Reasoning, Bounded Rationality and the Bar Problem," Working Papers 94-03-014, Santa Fe Institute.
  9. Arifovic, Jasmina, 1995. "Genetic algorithms and inflationary economies," Journal of Monetary Economics, Elsevier, vol. 36(1), pages 219-243, August.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:eee:phsmap:v:355:y:2005:i:1:p:103-109. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.