Theoretical and Applied Economics (Dec 2006)
Using the Agent-Based Modeling in Economic Field
Abstract
The last ten years of the XX century has been the witnesses of the apparition of a new scientific field, which is usually defined as the study of “Complex adaptive systems”. This field, generic named Complexity Sciences, shares its subject, the general proprieties of complex systems across traditional disciplinary boundaries, with cybernetics and general systems theory. But the development of Complexity Sciences approaches is determined by the extensive use of Agent-Based-Models (ABM) as a research tool and an emphasis on systems, such as markets, populations or ecologies, which are less integrated or “organized” than the ones, such as companies and economies, intensively studied by the traditional disciplines. For ABM, a complex system is a system of individual agents who have the freedom to act in ways that are not always totally predictable, and whose actions are interconnected such that one agent’s actions changes the context (environment) for other agents. These are many examples of such complex systems: the stock market, the human body immune system, a business organization, an institution, a work-team, a family etc.
