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Advances in the Agent-based Modeling of Economic and Social Behavior

Steinbacher, M., Raddant, M., Karimi, F., Cuena, E., Alfarano, S., Iori, G. ORCID: 0000-0001-9443-9353 and Lux, T. (2021). Advances in the Agent-based Modeling of Economic and Social Behavior. SN Business & Economics,


In this survey we discuss advances in the agent-based modeling of economic and social systems. We present the state of the art in the heuristic design of agents and the connections to the results from laboratory experiments on agent behavior. We further discuss how large-scale social and economic systems can be modeled and highlight novel methods and data sources. At last we present an overview of estimation techniques to calibrate and validate agent-based models.

Publication Type: Article
Publisher Keywords: agent-based models, heuristic design, model calibration, behavioral economics, computational social science, computational economics
Subjects: H Social Sciences > HB Economic Theory
Departments: School of Arts & Social Sciences > Economics
Date Deposited: 28 Jan 2021 13:50
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