Three Distinct Uses of Agent-based Computational Models in
Economics
R. Axtell. report, Brookings Institution, (November 1997)
Abstract
It is argued that three distinct uses of agent-based
computational models exist in the social sciences. Only one such
use - the simplest - deserves to be called simulation. This use
arises when equations can be formulated that completely describe
a social process, and these equations are explicitly soluble,
either analytically or numerically. In the former case, the agent
model is merely a tool for presenting results, while in the
latter it is novel kind of Monte Carlo analysis. A second, more
commonplace usage of computational agent models arises when
equations can be written down but not be completely solved. In
this case the agent-based model can shed significant light on the
solution structure, illustrate dynamical properties of the model,
serve to test the dependence of results on parameters and
assumptions, and be a source of counter-examples. Finally, there
are important classes of problems for which writing down
equations is not a useful activity. In such circumstances resort
to agent-based computational models may be the only way available
to explore such processes systematically, and constitute a third
distinct usage of such models.
%0 Report
%1 Axtell1997
%A Axtell, Robert
%D 1997
%K computational agents MAS markets
%T Three Distinct Uses of Agent-based Computational Models in
Economics
%X It is argued that three distinct uses of agent-based
computational models exist in the social sciences. Only one such
use - the simplest - deserves to be called simulation. This use
arises when equations can be formulated that completely describe
a social process, and these equations are explicitly soluble,
either analytically or numerically. In the former case, the agent
model is merely a tool for presenting results, while in the
latter it is novel kind of Monte Carlo analysis. A second, more
commonplace usage of computational agent models arises when
equations can be written down but not be completely solved. In
this case the agent-based model can shed significant light on the
solution structure, illustrate dynamical properties of the model,
serve to test the dependence of results on parameters and
assumptions, and be a source of counter-examples. Finally, there
are important classes of problems for which writing down
equations is not a useful activity. In such circumstances resort
to agent-based computational models may be the only way available
to explore such processes systematically, and constitute a third
distinct usage of such models.
@techreport{Axtell1997,
abstract = {It is argued that three distinct uses of agent-based
computational models exist in the social sciences. Only one such
use - the simplest - deserves to be called simulation. This use
arises when equations can be formulated that completely describe
a social process, and these equations are explicitly soluble,
either analytically or numerically. In the former case, the agent
model is merely a tool for presenting results, while in the
latter it is novel kind of Monte Carlo analysis. A second, more
commonplace usage of computational agent models arises when
equations can be written down but not be completely solved. In
this case the agent-based model can shed significant light on the
solution structure, illustrate dynamical properties of the model,
serve to test the dependence of results on parameters and
assumptions, and be a source of counter-examples. Finally, there
are important classes of problems for which writing down
equations is not a useful activity. In such circumstances resort
to agent-based computational models may be the only way available
to explore such processes systematically, and constitute a third
distinct usage of such models.},
added-at = {2006-09-13T17:44:28.000+0200},
author = {Axtell, Robert},
biburl = {https://www.bibsonomy.org/bibtex/2d91150e20cc231da9190df85ce48502c/jmm},
description = {JMM master bibtex},
institution = {Brookings Institution},
interhash = {2599ee711b0c925234bfaf7bcf4f18ff},
intrahash = {d91150e20cc231da9190df85ce48502c},
jmm_note = {527},
keywords = {computational agents MAS markets},
month = {November 1997},
timestamp = {2006-09-13T17:44:28.000+0200},
title = {Three Distinct Uses of Agent-based Computational Models in
Economics},
type = {report},
year = 1997
}