Agent-based modelling as a foundation for big data

Shu-Heng Chen and Ragupathy Venkatachalam

Journal of Economic Methodology, 2017, vol. 24, issue 4, 362-383

Abstract: In this article, we propose a process-based definition of big data, as opposed to the size- and technology-based definitions. We argue that big data should be perceived as a continuous, unstructured and unprocessed dynamics of primitives, rather than as points (snapshots) or summaries (aggregates) of an underlying phenomenon. Given this, we show that big data can be generated through agent-based models but not by equation-based models. Though statistical and machine learning tools can be used to analyse big data, they do not constitute a big data-generation mechanism. Furthermore, agent-based models can aid in evaluating the quality (interpreted as information aggregation efficiency) of big data. Based on this, we argue that agent-based modelling can serve as a possible foundation for big data. We substantiate this interpretation through some pioneering studies from the 1980s on swarm intelligence and several prototypical agent-based models developed around the 2000s.

Date: 2017
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Citations: View citations in EconPapers (5)

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DOI: 10.1080/1350178X.2017.1388964

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