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Agent-based Modeling Method Based on Complex Economics

In: Ieis 2024

Author

Listed:
  • Yang Rong

    (Beijing Laboratory of National Economic Security Early-Warning Engineering, Beijing Jiaotong University, School of Economics and Management)

  • Xuan Zhou

    (National Academy of Economic Security, Beijing Laboratory of National Economic Security Early-Warning Engineering, Beijing Jiaotong University)

Abstract

This paper discusses the agent-based modeling method from the perspective of complex economics, pointing out the shortcomings of traditional economic theories in explaining real-world economic phenomena and predicting crises. Complex economics emphasizes the non-equilibrium, non-linear, and evolutionary characteristics of economic systems, contrasting with neoclassical economics. Agent-based modeling (ABM) studies the overall behavior of a system by simulating the behavior of individual agents, featuring heterogeneity, self-organization, and other characteristics, making it more realistic in reflecting economic systems. Despite facing challenges in model construction, calibration, and universality, ABM has potential in economic modeling, and with the advancement of data and computing capabilities, it is expected to solve existing problems and promote the development of economic research.

Suggested Citation

  • Yang Rong & Xuan Zhou, 2026. "Agent-based Modeling Method Based on Complex Economics," Lecture Notes in Operations Research, in: Menggang Li & Guowei Hua & Anqiang Huang & Jonathan Foster-Pedley (ed.), Ieis 2024, chapter 0, pages 299-313, Springer.
    • Handle: RePEc:spr:lnopch:978-981-96-8276-8_23
    DOI: 10.1007/978-981-96-8276-8_23
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