A Critical Guide to Empirical Validation of Agent-Based Models in Economics: Methodologies, Procedures, and Open Problems

Authors:
Giorgio Fagiolo;Alessio Moneta;Paul Windrum
Affiliations:
Laboratory of Economics and Management, Sant'Anna School of Advanced Studies, Pisa, Italy 56127;Evolutionary Economics Group, Max Planck Institute of Economics, Jena, Germany;Manchester Metropolitan University Business School, Manchester, UK
Venue:
Computational Economics
Year:
2007

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Abstract

Simulation models have become increasingly popular in economics in the last two decades, because they can deal with a wide range of research questions. The set-up and analysis of simulation models can range from very specific to very general and can ...