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Agent-Based Models and Human Subject Experiments

  • John Duffy

    (University of Pittsburgh)

This paper considers the relationship between agent-based modeling and economic decision-making experiments with human subjects. Both approaches exploit controlled ``laboratory'' conditions as a means of isolating the sources of aggregate phenomena. Research findings from laboratory studies of human subject behavior have inspired studies using artificial agents in ``computational laboratories'' and vice versa. In certain cases, both methods have been used to examine the same phenomenon. The focus of this paper is on the empirical validity of agent-based modeling approaches in terms of explaining data from human subject experiments. We also point out synergies between the two methodologies that have been exploited as well as promising new possibilities.

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Paper provided by EconWPA in its series Computational Economics with number 0412001.

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Length: 52 pages
Date of creation: 09 Dec 2004
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Handle: RePEc:wpa:wuwpco:0412001
Note: Type of Document - pdf; pages: 52. Survey of agent-based models and human subject experiments
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