Agent-Based Models and Human Subject Experiments

Chapter 19 in Handbook of Computational Economics, 2006, vol. 2, pp 949-1011 from Elsevier

Abstract: This chapter examines 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 chapter 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.

JEL-codes: C63 (search for similar items in EconPapers)

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Related works:
Working Paper: Agent-Based Models and Human Subject Experiments (2004)
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