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Agent-based and macroscopic modeling of the complex socio-economic systems

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  • Aleksejus Kononovicius
  • Valentas Daniunas

Abstract

The current economic crisis has provoked an active response from the interdisciplinary scientific community. As a result many papers suggesting what can be improved in understanding of the complex socio-economics systems were published. Some of the most prominent papers on the topic include (Bouchaud, 2009; Farmer and Foley, 2009; Farmer et al, 2012; Helbing, 2010; Pietronero, 2008). These papers share the idea that agent-based modeling is essential for the better understanding of the complex socio-economic systems and consequently better policy making. Yet in order for an agent-based model to be useful it should also be analytically tractable, possess a macroscopic treatment (Cristelli et al, 2012). In this work we shed a new light on our research group's contributions towards understanding of the correspondence between the inter-individual interactions and collective behavior. We also provide some new insights into the implications of the global and local interactions, the leadership and the predator-prey interactions in the complex socio-economic systems.

Suggested Citation

  • Aleksejus Kononovicius & Valentas Daniunas, 2013. "Agent-based and macroscopic modeling of the complex socio-economic systems," Papers 1303.3693, arXiv.org, revised Apr 2013.
  • Handle: RePEc:arx:papers:1303.3693
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    References listed on IDEAS

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    2. Aleksejus Kononovicius & Vygintas Gontis & Valentas Daniunas, 2012. "Agent-based Versus Macroscopic Modeling of Competition and Business Processes in Economics and Finance," Papers 1202.3533, arXiv.org, revised Jun 2012.
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    11. Jean-Philippe Bouchaud, 2008. "Economics need a scientific revolution," Papers 0810.5306, arXiv.org.
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    13. M. Cristelli & L. Pietronero & A. Zaccaria, 2011. "Critical Overview of Agent-Based Models for Economics," Papers 1101.1847, arXiv.org.
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    Cited by:

    1. Xiong, Hang & Payne, Diane & Kinsella, Stephen, 2016. "Peer effects in the diffusion of innovations: Theory and simulation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 63(C), pages 1-13.

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