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Advances in the agent-based modeling of economic and social behavior

Mitja Steinbacher (), Matthias Raddant, Fariba Karimi, Eva Camacho Cuena, Simone Alfarano, Giulia Iori and Thomas Lux
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Fariba Karimi: Complexity Science Hub Vienna
Eva Camacho Cuena: Jaume I University
Thomas Lux: Kiel University

SN Business & Economics, 2021, vol. 1, issue 7, 1-24

Abstract: Abstract In this review we discuss advances in the agent-based modeling of economic and social systems. We show the state of the art of the heuristic design of agents and how behavioral economics and laboratory experiments have improved the modeling of agent behavior. We further discuss how economic networks and social systems can be modeled and we discuss novel methodology and data sources. Lastly, we present an overview of estimation techniques to calibrate and validate agent-based models and show avenues for future research.

Keywords: Agent-based models; Heuristic design; Model calibration; Networks; Behavioral economics; Computational social science; Computational economics (search for similar items in EconPapers)
JEL-codes: B41 C60 D90 E70 G17 G40 L20 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s43546-021-00103-3

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