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

Purpose The purpose of this editorial is to introduce the Special Issue “Agent-Based Models of Bounded Rationality” and to provide an overview of its rationale and main objectives. Design/methodology/approach After outlining the overall framework to justify the choice of agent-based modeling in relation to bounded rationality, an overview of the six papers published in the Special Issue is presented. Findings The paper argues that simulation of complex adaptive social systems is a way to set the ground for updating the concept of bounded rationality and prepare for it to still play a significant role in the years to come. Originality/value After its introduction, bounded rationality remained mostly used but seldom discussed in both its assumptions and its meaning. The originality of this introduction is to unveil some of the points that keep rationality still at the core of organization and team research.

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Empirical Validation of Agent-Based Models ✶ ✶We gratefully acknowledge the very detailed and careful comments by three anonymous reviewers. Very useful feedback and comments have also been provided by Robert Axtell, Herbert Dawid, Cees Diks, and Blake LeBaron.

Handbook of Computational Economics ◽

10.1016/bs.hescom.2018.02.003 ◽

2018 ◽

pp. 437-488 ◽

Cited By ~ 11

Author(s):

Thomas Lux ◽

Remco C.J. Zwinkels

Keyword(s):

Empirical Validation ◽

Agent Based Models ◽

Agent Based

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Introduction to the Special Issue on Agent-Based Models for Economic Policy Advice

Jahrbücher für Nationalökonomie und Statistik ◽

10.1515/jbnst-2008-2-302 ◽

2008 ◽

Vol 228 (2-3) ◽

Cited By ~ 1

Author(s):

Blake LeBaron ◽

Peter Winker

Keyword(s):

Economic Policy ◽

Agent Based Modeling ◽

Policy Advice ◽

Special Issue ◽

Agent Based Models ◽

Research Papers ◽

Agent Based ◽

Heterogenous Agents

SummaryThis special issue of the Journal of Economics and Statistics is devoted to the use of agent-based models for economic policy advice. It presents a collection of research papers in different fields of applications. Special emphasis is laid on discussing the potential and possible limitations of agent-based models for economic policy advice. The editorial provides an overview on the role of agent-based modeling in economic policy referring also to the papers presented. Furthermore, it highlights the strength of the approach, i.e., the explicit microfoundation and the modeling of heterogenous agents. Finally, we also report on current limitations of the method with regard to economic policy advice and point at some areas deserving further research.

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