Agent-based modeling for Austrian perspectives in management and entrepreneurship research

Friederike Wall

Chapter 9 in Research Handbook on Austrian Economics in Management and Entrepreneurship, 2025, pp 179-214 from Edward Elgar Publishing

Abstract: The Austrian view in management and entrepreneurship research requires strategies of inquiry that allow for studying emergent phenomena while being faithful to the tenets of Austrian thinking, such as methodological individualism, process focus, and methodological subjectivity. This chapter argues that agent-based modeling meets these requirements and highlights its potential to advance an Austrian view. The chapter showcases agent-based models’ contributions to Austrian issues, such as search and discovery, knowledge and learning, or organizational change as endogenously emerging change. A critical reflection shows that the Austrian perspective may pose considerable new challenges for agent-based modeling, such as capturing the emergence of (true) novelty rather than searching for undiscovered superior solutions. The chapter outlines an agent-based agenda on Austrian perspectives in management and entrepreneurship research, indicating the benefits of a synergistic discussion and building bridges among, by and large, different research communities: researchers adhering to Austrian thinking and researchers employing agent-based modeling.

Keywords: Agent-based modeling; Emergence; Heterogeneity; Methodological Individualism; Search; Simulation (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035341863
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