Empirical Validation in Agent-based Models: Introduction to the Special Issue


In the last two decades, economists have become more and more aware of the importance of modelling economies as complex dynamic systems (Rosser 2004). The recent tremendous improvement in computing capabilities has increasingly made it easier to implement computational simulation models in the study of markets, industries or organizations as evolving systems composed of many heterogeneous agents that exhibit bounded rationality and explicitly interact in a decentralized fashion. These models are known as agent-based models (ABMs) and the new field of research that has emerged is typically termed as agent-based computational economics (ACE).1 The extreme flexibility of ABMs in accommodating alternative modelling assumptions—including various forms of individual behaviour, interaction patterns and institutional arrangements—has allowed ACE researchers to explore the positive and

Cite this paper

@inproceedings{Fagiolo2007EmpiricalVI, title={Empirical Validation in Agent-based Models: Introduction to the Special Issue}, author={Gianlorenzo Fagiolo and Paul Windrum}, year={2007} }