A research paper of Hossein Sabzian (2019), Theories and Practice of Agent based Modeling: Some practical Implications for Economic Planners, ArXiv, 54p

OSF Preprints
Dai-Long Ngo-Hoang

Abstract

Nowadays, we are surrounded by a large number of complex phenomena such as virus epidemic, rumor spreading, social norms formation, emergence of new technologies, rise of new economic trends and disruption of traditional businesses. To deal with such phenomena, social scientists often apply reductionism approach where they reduce such phenomena to some lower-lever variables and model the relationships among them through a scheme of equations (e.g. Partial differential equations and ordinary differential equations). This reductionism approach which is often called equation based modeling (EBM) has some fundamental weaknesses in dealing with real world complex systems, for example in modeling how a housing bubble arises from a housing market, the whole market is reduced into some factors (i.e. economic agents) with unbounded rationality and often perfect information, and the model built from the relationships among such factors is used to explain the housing bubble while adaptability and the evolutionary nature of all engaged economic agents along with network effects go unaddressed. In tackling deficiencies of reductionism approach, in the past two decades, the Complex Adaptive System (CAS) framework has been found very influent...Continue Reading

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