Validation of Agent-Based Models in Economics and Finance
Giorgio Fagiolo (),
Alessio Moneta () and
LEM Papers Series from Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy
Since the influential survey by Windrum et al. (2007), research on empirical validation of agent-based models in economics has made substantial advances, thanks to a constant flow of high-quality contributions. This Chapter attempts to take stock of such recent literature to offer an updated critical review of existing validation techniques. We sketch a simple theoretical framework that conceptualizes existing validation approaches, which we discuss along three different dimensions: (i) comparison between artificial and real-world data; (ii) calibration and estimation of model parameters; and (iii) parameter space exploration.
Keywords: agent based models; validation; calibration; sensitivity analysis; parameter space exploration (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cmp, nep-cta and nep-hme
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Working Paper: Validation of Agent-Based Models in Economics and Finance (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:ssa:lemwps:2017/23
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