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Advances in the Agent-Based Modeling of Economic and Social Behavior

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  • Steinbacher, Mitja
  • Raddant, Matthias
  • Karimi, Fariba
  • Camacho-Cuena, Eva
  • Alfarano, Simone
  • Iori, Giulia
  • Lux, Thomas

Abstract

In this survey we discuss advances in the agent-based modeling of economic and social systems. We present the state of the art in the heuristic design of agents and the connections to the results from laboratory experiments on agent behavior. We further discuss how large-scale social and economic systems can be modeled and highlight novel methods and data sources. At last we present an overview of estimation techniques to calibrate and validate agent-based models.

Suggested Citation

  • Steinbacher, Mitja & Raddant, Matthias & Karimi, Fariba & Camacho-Cuena, Eva & Alfarano, Simone & Iori, Giulia & Lux, Thomas, 2021. "Advances in the Agent-Based Modeling of Economic and Social Behavior," MPRA Paper 107317, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:107317
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    2. Popoyan, Lilit & Napoletano, Mauro & Roventini, Andrea, 2020. "Winter is possibly not coming: Mitigating financial instability in an agent-based model with interbank market," Journal of Economic Dynamics and Control, Elsevier, vol. 117(C).
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    More about this item

    Keywords

    agent-based models; heuristic design; model calibration; behavioral economics; computational social science; computational economics;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General

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