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Open Problems In Using Agent-Based Models In Industrial And Labor Dynamics

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  • NIGEL GILBERT

    (CRESS, Department of Sociology, School of Human Sciences, University of Surrey, Guildford, Surrey, GU2 7XH, United Kingdom)

Abstract

The preceding papers have shown the impressive versatility and potential of agent-based modeling in developing an understanding of industrial and labor dynamics. The main attraction of agent-based models is that the actors — firms, workers, and networks — that are the objects of study in the 'real world,' can be represented directly in the model. This one-to-one correspondence between model agents and economic actors provides greater clarity and more opportunities for analysis than many alternative modeling approaches. However, the advantages of agent-based modeling have to be tempered by disadvantages and as yet unsolved methodological problems. In this brief summary drawn from the discussion at the closing session of WILD@ACE, we review three of these open problems in the context of the papers presented at the conference: How can agent-based models be empirically validated? What criteria should be used to evaluate the explanatory success of agent-based models? And how can the conclusions of research on similar topics be integrated?

Suggested Citation

  • Nigel Gilbert, 2004. "Open Problems In Using Agent-Based Models In Industrial And Labor Dynamics," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 7(02), pages 285-288.
    • Handle: RePEc:wsi:acsxxx:v:07:y:2004:i:02:n:s0219525904000093
    DOI: 10.1142/S0219525904000093
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    Citations

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    Cited by:

    1. Giorgio Fagiolo & Paul Windrum & Alessio Moneta, 2006. "Empirical Validation of Agent Based Models: A Critical Survey," LEM Papers Series 2006/14, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    2. Keiki Takadama & Tetsuro Kawai & Yuhsuke Koyama, 2008. "Micro- and Macro-Level Validation in Agent-Based Simulation: Reproduction of Human-Like Behaviors and Thinking in a Sequential Bargaining Game," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 11(2), pages 1-9.
    3. Giorgio Fagiolo & Alessio Moneta & Paul Windrum, 2007. "A Critical Guide to Empirical Validation of Agent-Based Models in Economics: Methodologies, Procedures, and Open Problems," Computational Economics, Springer;Society for Computational Economics, vol. 30(3), pages 195-226, October.
    4. G. Fagiolo & C. Birchenhall & P. Windrum, 2007. "Empirical Validation in Agent-based Models: Introduction to the Special Issue," Computational Economics, Springer;Society for Computational Economics, vol. 30(3), pages 189-194, October.
    5. Bàrbara Llacay & Gilbert Peffer, 2018. "Using realistic trading strategies in an agent-based stock market model," Computational and Mathematical Organization Theory, Springer, vol. 24(3), pages 308-350, September.

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