Agent-based modelling and economic complexity: a diversified perspective. Issue 2 (2nd December 2019)

• Record Type: Journal Article
• Authors: Schinckus, Christophe
• Is Part Of: Journal of Asian business and economic studies. Volume 26:Issue 2(2019)
• Page Start: 170
• Page End: 188
• Publication Date: 2019-12-02
• Subjects: Econophysics -- Economic complexity -- Agent-based modelling; B41 -- C63 -- C89; Sustainable development -- Periodicals; Social responsibility of business -- Periodicals; Economic development -- Environmental aspects -- Periodicals; 338
• DOI: 10.1108/JABES-12-2018-0108
• Languages: English
• ISSNs: 2515-964X

Abstract

Abstract : Purpose: The term "agent-based modelling" (ABM) is a buzzword which is widely used in the scientific literature even though it refers to a variety of methodologies implemented in different disciplinary contexts. The numerous works dealing with ABM require a clarification to better understand the lines of thinking paved by this approach in economics. All modelling tasks are a means and a source of knowledge, and this epistemic function can vary depending on the methodology. this paper is to present four major ways (deductive, abductive, metaphorical and phenomenological) of implementing an agent-based framework to describe economic systems. ABM generates numerous debates in economics and opens the room for epistemological questions about the micro-foundations of macroeconomics; before dealing with this issue, the purpose of this paper is to identify the kind of ABM the author can find in economics. Design/methodology/approach: The profusion of works dealing with ABM requires a clarification to understand better the lines of thinking paved by this approach in economics. This paper offers a conceptual classification outlining the major trends of ABM in economics. Findings: There are four categories of ABM in economics. Originality/value: This paper suggests a methodological categorization of ABM works in economics.