The preceding papers have shown the impressive versatility and potential of agent-based modeling in developing an understanding of industrial and labor dynamics. The main attraction of agent-based models is that the actors — firms, workers, and networks — that are the objects of study in the 'real world,' can be represented directly in the model. This one-to-one correspondence between model agents and economic actors provides greater clarity and more opportunities for analysis than many alternative modeling approaches. However, the advantages of agent-based modeling have to be tempered by disadvantages and as yet unsolved methodological problems. In this brief summary drawn from the discussion at the closing session of WILD@ACE, we review three of these open problems in the context of the papers presented at the conference: How can agent-based models be empirically validated? What criteria should be used to evaluate the explanatory success of agent-based models? And how can the conclusions of research on similar topics be integrated?
A Critical Guide to Empirical Validation of Agent-Based Models in Economics: Methodologies, Procedures, and Open Problems