Confronting Agent-Based Models with Data: Methodological Issues and Open Problems

Giorgio Fagiolo (), Alessio Moneta and Paul Windrum ()
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Paul Windrum: Manchester Metropolitan University Business School

Chapter 18 in Advances in Artificial Economics, 2006, pp 255-267 from Springer

Abstract: Abstract This paper addresses the problem of finding the appropriate method for conducting empirical validation in AB models. We identify a first set of issues that are common to both AB and neoclassical modellers and a second set of issues which are specific to AB modellers. Then, we critically appraise the extent to which alternative approaches deal with these issues. In particular, we examine three important approaches to validation that have been developed in AB economics: indirect calibration, the Werker-Brenner approach, and the history-friendly approach. Finally, we discuss a set of open questions within empirical validation.

Keywords: Stylise Fact; Empirical Validation; Beveridge Curve; Auxiliary Hypothesis; Neoclassical Paradigm (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:spr:lnechp:978-3-540-37249-3_18

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DOI: 10.1007/3-540-37249-0_18

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