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A Critical Guide to Empirical Validation of Agent-Based Models in Economics: Methodologies, Procedures, and Open Problems

  • Giorgio Fagiolo

    ()

  • Alessio Moneta

    ()

  • Paul Windrum

    ()

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File URL: http://hdl.handle.net/10.1007/s10614-007-9104-4
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Article provided by Society for Computational Economics in its journal Computational Economics.

Volume (Year): 30 (2007)
Issue (Month): 3 (October)
Pages: 195-226

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Handle: RePEc:kap:compec:v:30:y:2007:i:3:p:195-226
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100248

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  1. Fagiolo, Giorgio & Dosi, Giovanni, 2003. "Exploitation, exploration and innovation in a model of endogenous growth with locally interacting agents," Structural Change and Economic Dynamics, Elsevier, vol. 14(3), pages 237-273, September.
  2. Dominique Foray & Robin Cowan, 2002. "Evolutionary economics and the counterfactual threat: on the nature and role of counterfactual history as an empirical tool in economics," Journal of Evolutionary Economics, Springer, vol. 12(5), pages 539-562.
  3. Silverberg, Gerald & Dosi, Giovanni & Orsenigo, Luigi, 1988. "Innovation, Diversity and Diffusion: A Self-organisation Model," Economic Journal, Royal Economic Society, vol. 98(393), pages 1032-54, December.
  4. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
  5. Delli Gatti, Domenico & Gallegati, Mauro & Giulioni, Gianfranco & Palestrini, Antonio, 2003. "Financial fragility, patterns of firms' entry and exit and aggregate dynamics," Journal of Economic Behavior & Organization, Elsevier, vol. 51(1), pages 79-97, May.
  6. Werker, C. & Brenner, T., 2004. "Empirical calibration of simulation models," Working Papers 04.13, Eindhoven Center for Innovation Studies.
  7. Johann Peter Murmann & Thomas Brenner, 2003. "The Use of Simulations in Developing Robust Knowledge about Causal Processes: Methodological Considerations and an Application to Industrial Evolution," Computing in Economics and Finance 2003 66, Society for Computational Economics.
  8. Franco Malerba & Luigi Orsenigo, 2002. "Innovation and market structure in the dynamics of the pharmaceutical industry and biotechnology: towards a history-friendly model," Industrial and Corporate Change, Oxford University Press, vol. 11(4), pages 667-703, August.
  9. Matteo Richiardi, 2004. "The Promises and Perils of Agent-Based Computational Economics," Computational Economics 0401001, EconWPA.
  10. Giorgio Fagiolo & Luigi Marengo & Marco Valente, . "Endogenous Networks in Random Population Games," Modeling, Computing, and Mastering Complexity 2003 05, Society for Computational Economics.
  11. Tesfatsion, Leigh S., 2002. "Agent-Based Computational Economics: Growing Economies from the Bottom Up," Staff General Research Papers Archive 5075, Iowa State University, Department of Economics.
  12. Andreas Pyka & Giorgio Fagiolo, 2005. "Agent-Based Modelling: A Methodology for Neo-Schumpeterian Economics," Discussion Paper Series 272, Universitaet Augsburg, Institute for Economics.
  13. Leigh TESFATSION, 1995. "How Economists Can Get Alife," Economic Report 37, Iowa State University Department of Economics.
  14. Dawid, Herbert, 2006. "Agent-based Models of Innovation and Technological Change," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 25, pages 1235-1272 Elsevier.
  15. Windrum Paul, 2004. "Neo-Schumpeterian Simulation Models," Research Memorandum 002, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
  16. Brunner, Karl & Meltzer, Allan H., 1976. "The Phillips curve," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 1-18, January.
  17. Malerba, Franco, et al, 1999. "'History-Friendly' Models of Industry Evolution: The Computer Industry," Industrial and Corporate Change, Oxford University Press, vol. 8(1), pages 3-40, March.
  18. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
  19. Tesfatsion, Leigh & Judd, Kenneth L., 2006. "Handbook of Computational Economics, Vol. 2: Agent-Based Computational Economics," Staff General Research Papers Archive 10368, Iowa State University, Department of Economics.
  20. Deddy Koesrindartoto & Junjie Sun, 2005. "An Agent-Based Computational Laboratory for Testing the Economic Reliability of Wholesale Power Market Designs," Computing in Economics and Finance 2005 50, Society for Computational Economics.
  21. G. Silverberg & B. Verspagen, 1995. "Evolutionary Theorizing on Economic Growth," Working Papers wp95078, International Institute for Applied Systems Analysis.
  22. Roberto Leombruni, 2002. "The Methodological Status of Agent-Based Simulations," LABORatorio R. Revelli Working Papers Series 19, LABORatorio R. Revelli, Centre for Employment Studies.
  23. Thomas Brenner, 2004. "Agent Learning Representation - Advice in Modelling Economic Learning," Papers on Economics and Evolution 2004-16, Philipps University Marburg, Department of Geography.
  24. Dosi, Giovanni & Nelson, Richard R, 1994. "An Introduction to Evolutionary Theories in Economics," Journal of Evolutionary Economics, Springer, vol. 4(3), pages 153-72, September.
  25. Thomas Brenner & Claudia Werker, 2007. "A Taxonomy of Inference in Simulation Models," Computational Economics, Society for Computational Economics, vol. 30(3), pages 227-244, October.
  26. P. Windrum, 2007. "Neo-Schumpeterian Simulation Models," Chapters, in: Elgar Companion to Neo-Schumpeterian Economics, chapter 26 Edward Elgar Publishing.
  27. Windrum Paul, 1999. "Simulation models of technological innovation: A Review," Research Memorandum 005, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
  28. Gatti, Domenico Delli & Guilmi, Corrado Di & Gaffeo, Edoardo & Giulioni, Gianfranco & Gallegati, Mauro & Palestrini, Antonio, 2005. "A new approach to business fluctuations: heterogeneous interacting agents, scaling laws and financial fragility," Journal of Economic Behavior & Organization, Elsevier, vol. 56(4), pages 489-512, April.
  29. Frank Schorfheide, 2000. "Loss function-based evaluation of DSGE models," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(6), pages 645-670.
  30. Windrum, Paul & Birchenhall, Chris, 1998. "Is product life cycle theory a special case? Dominant designs and the emergence of market niches through coevolutionary-learning," Structural Change and Economic Dynamics, Elsevier, vol. 9(1), pages 109-134, March.
  31. Roberto Leombruni & Matteo Richiardi & Nicole J. Saam & Michele Sonnessa, 2005. "A Common Protocol for Agent-Based Social Simulation," LABORatorio R. Revelli Working Papers Series 47, LABORatorio R. Revelli, Centre for Employment Studies.
  32. Robert Marks, 2007. "Validating Simulation Models: A General Framework and Four Applied Examples," Computational Economics, Society for Computational Economics, vol. 30(3), pages 265-290, October.
  33. Nigel Gilbert, 2004. "Open Problems In Using Agent-Based Models In Industrial And Labor Dynamics," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 7(02), pages 285-288.
  34. Giovanni Dosi & Luigi Marengo & Giorgio Fagiolo, 2003. "Learning in Evolutionary Environments," LEM Papers Series 2003/20, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  35. Liebowitz, S J & Margolis, Stephen E, 1990. "The Fable of the Keys," Journal of Law and Economics, University of Chicago Press, vol. 33(1), pages 1-25, April.
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