Getting the best of both worlds? : developing complementary equation-based and agent-based models
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0927-7099; 1572-9974
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Computational economics, 2019, Vol. 53, No. 2, pp. 763-782
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GRÄBNER, Claudius, BALE, Catherine S. E., FURTADO, Bernardo Alves, ALVAREZ-PEREIRA, Brais, GENTILE, James E., HENDERSON, Heath, LIPARI, Francesca, Getting the best of both worlds? : developing complementary equation-based and agent-based models, Computational economics, 2019, Vol. 53, No. 2, pp. 763-782 - https://hdl.handle.net/1814/66045
Abstract
We argue that building agent-based and equation-based versions of the same theoretical model is a fruitful way of gaining insights into real-world phenomena. We use the epistemological concept of models as isolations and surrogate systems as the philosophical underpinning of this argument. In particular, we show that agent-based and equation-based approaches align well when used simultaneously and, contrary to some common misconceptions, should be considered complements rather than substitutes. We illustrate the usefulness of the approach by examining a model of the long-run relationship between economic development and inequality (i.e., the Kuznets hypothesis).
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Published: 01 November 2017
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Engineering & Physical Sciences Research Council (EPSRC) [EP/K022288/1]
University of Bremen
Austrian National Bank (OeNB) [17383]
National Council of Research [306954/2016-8]
Johannes Kepler University Linz
University of Bremen
Austrian National Bank (OeNB) [17383]
National Council of Research [306954/2016-8]
Johannes Kepler University Linz