The Methodological Status of Agent-Based Simulations

LABORatorio Riccardo Revelli - Centre for Employment Studies Working Paper No. 19

32 Pages Posted: 3 Mar 2006

See all articles by Roberto Leombruni

Roberto Leombruni

LABORatorio R. Revelli - Centre for Employment Studies

Date Written: 2002

Abstract

In this paper I give a tentative assessment of the methodological status of agent based simulations. I first show under which conditions ABS can be a complement to traditional modelling. I then consider whether they can be held as a sound methodology of their own. Various topics relevant to the argument are briefly discussed, such as the forecasting role of theories, the realism of assumptions, Hayek's insights on economics methodology. I cast the arguments given into some results of modern theory of abductive inference, providing a framework that helps clarify the logical status of simulations, and gives some hints on how to foster their role as a self sustained tool for economic reasoning.

Keywords: Agent-Based Simulations, Methodology, Abduction, Hayek

JEL Classification: B41, C63

Suggested Citation

Leombruni, Roberto, The Methodological Status of Agent-Based Simulations (2002). LABORatorio Riccardo Revelli - Centre for Employment Studies Working Paper No. 19, Available at SSRN: https://ssrn.com/abstract=886671 or http://dx.doi.org/10.2139/ssrn.886671

Roberto Leombruni (Contact Author)

LABORatorio R. Revelli - Centre for Employment Studies ( email )

Via Real Collegio 30
10024 Moncalieri
Italy

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