Getting the Best of Both Worlds? Developing Complementary Equation-Based and Agent-Based Models
Claudius Gräbner (),
Catherine S. E. Bale,
James E. Gentile,
Heath Henderson and
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Catherine S. E. Bale: University of Leeds
Brais Alvarez-Pereira: Villa La Fonte
James E. Gentile: Two Six Labs, LLC
Francesca Lipari: University of Pennsylvania
Authors registered in the RePEc Author Service: Brais Álvarez Pereira ()
Computational Economics, 2019, vol. 53, issue 2, No 12, 763-782
Abstract We argue that building agent-based and equation-based versions of the same theoretical model is a fruitful way of gaining insights into real-world phenomena. We use the epistemological concept of “models as isolations and surrogate systems” as the philosophical underpinning of this argument. In particular, we show that agent-based and equation-based approaches align well when used simultaneously and, contrary to some common misconceptions, should be considered complements rather than substitutes. We illustrate the usefulness of the approach by examining a model of the long-run relationship between economic development and inequality (i.e., the Kuznets hypothesis).
Keywords: Agent-based models; Epistemology; Equation-based models; Economic methodology; Social simulation (search for similar items in EconPapers)
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