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Theories and Practice of Agent based Modeling Some practical Implications for Economic Planners

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Document pages: 54 pages

Abstract: Nowadays, we are surrounded by a large number of complex phenomena rangingfrom rumor spreading, social norms formation to rise of new economic trends anddisruption of traditional businesses. To deal with such phenomena,ComplexAdaptive System (CAS) framework has been found very influential among socialscientists,especially economists. As the most powerful methodology of CASmodeling, Agent-based modeling (ABM) has gained a growing application amongacademicians and practitioners. ABMs show how simple behavioral rules of agentsand local interactions among them at micro-scale can generate surprisinglycomplex patterns at macro-scale. Despite a growing number of ABM publications,those researchers unfamiliar with this methodology have to study a number ofworks to understand (1) the why and what of ABMs and (2) the ways they arerigorously developed. Therefore, the major focus of this paper is to helpsocial sciences researchers,especially economists get a big picture of ABMs andknow how to develop them both systematically and rigorously.

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