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Confronting Agent-Based Models with Data: Methodological Issues and Open Problems

In: Advances in Artificial Economics

Author

Listed:
  • Giorgio Fagiolo

    (University of Verona
    Sant’Anna School of Advanced Studies)

  • Alessio Moneta

    (Max Planck Institute of Economics)

  • Paul Windrum

    (Manchester Metropolitan University Business School
    University of Maastricht)

Abstract

This paper addresses the problem of finding the appropriate method for conducting empirical validation in AB models. We identify a first set of issues that are common to both AB and neoclassical modellers and a second set of issues which are specific to AB modellers. Then, we critically appraise the extent to which alternative approaches deal with these issues. In particular, we examine three important approaches to validation that have been developed in AB economics: indirect calibration, the Werker-Brenner approach, and the history-friendly approach. Finally, we discuss a set of open questions within empirical validation.

Suggested Citation

  • Giorgio Fagiolo & Alessio Moneta & Paul Windrum, 2006. "Confronting Agent-Based Models with Data: Methodological Issues and Open Problems," Lecture Notes in Economics and Mathematical Systems, in: Charlotte Bruun (ed.), Advances in Artificial Economics, chapter 18, pages 255-267, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-37249-3_18
    DOI: 10.1007/3-540-37249-0_18
    as

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