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

Authors
  • Steinbacher, Mitja1
  • Raddant, Matthias2
  • Karimi, Fariba3, 4
  • Camacho Cuena, Eva5
  • Alfarano, Simone5
  • Iori, Giulia6
  • Lux, Thomas2
  • 1 Faculty of Law and Business Studies, Krekov trg 1, Ljubljana, 1000, Slovenia , Ljubljana (Slovenia)
  • 2 Kiel University, Olshausenstraße 40, Kiel, 24118, Germany , Kiel (Germany)
  • 3 Complexity Science Hub Vienna, Josefstädter Str. 39, Vienna, 1080, Austria , Vienna (Austria)
  • 4 GESIS, Leibniz Institute for the Social Sciences, Unter Sachsenhausen 6, Cologne, 50667, Germany , Cologne (Germany)
  • 5 Jaume I University, Avenida Sos Baynat s/n, Castellón, 12071, Spain , Castellón (Spain)
  • 6 City University, Northampton Square, London, EC1V 0HB, UK , London (United Kingdom)
Type
Published Article
Journal
SN Business & Economics
Publisher
Springer International Publishing
Publication Date
Jul 07, 2021
Volume
1
Issue
7
Identifiers
DOI: 10.1007/s43546-021-00103-3
Source
Springer Nature
Keywords
Disciplines
  • Review
License
Green

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.

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