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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 & Lux, T. (2021). Advances in the Agent-based Modeling of Economic and Social Behavior. SN Business & Economics, 1(7), article number 99. doi: 10.1007/s43546-021-00103-3


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.

Publication Type: Article
Additional Information: This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit
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 Policy & Global Affairs > Economics
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