The Methodological Status of Agent-Based Simulations
In this paper I give a tentative assessment of the methodological status of agent based simulations. I first show under which conditions ABS can be a complement to traditional modelling. I then consider whether they can be held as a sound methodology of their own. Various topics relevant to the argument are briefly discussed, such as the forecasting role of theories, the realism of assumptions, Hayek’s insights on economics methodology. I cast the arguments given into some results of modern theory of abductive inference, providing a framework that helps clarify the logical status of simulations, and gives some hints on how to foster their role as a self sustained tool for economic reasoning.
|Date of creation:||2002|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.laboratoriorevelli.it/
More information through EDIRC
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.:
- Paul J. McNulty, 1967. "A Note on the History of Perfect Competition," Journal of Political Economy, University of Chicago Press, vol. 75, pages 395.
- David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May.
- Nick Vriend, 2000.
"Was Hayek An Ace?,"
Computing in Economics and Finance 2000
272, Society for Computational Economics.
- Kenneth L. Judd, 1997.
"Computational Economics and Economic Theory: Substitutes or Complements,"
NBER Technical Working Papers
0208, National Bureau of Economic Research, Inc.
- Judd, Kenneth L., 1997. "Computational economics and economic theory: Substitutes or complements?," Journal of Economic Dynamics and Control, Elsevier, vol. 21(6), pages 907-942, June.
- Nigel Gilbert & Pietro Terna, 2000. "How to build and use agent-based models in social science," Mind and Society: Cognitive Studies in Economics and Social Sciences, Fondazione Rosselli, vol. 1(1), pages 57-72, March.
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521415019, October.
- Leigh Tesfatsion, 2000. "Agent-Based Computational Economics: A Brief Guide to the Literature," Computational Economics 0004001, EconWPA.
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230, October.
- Joshua M. Epstein & Robert L. Axtell, 1996. "Growing Artificial Societies: Social Science from the Bottom Up," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550253, June.
When requesting a correction, please mention this item's handle: RePEc:cca:wplabo:19. 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: (Giovanni Bert)
If references are entirely missing, you can add them using this form.