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What is Agent-Based Models

Chapter 54
Handbook of Research on Nature-Inspired Computing for Economics and Management
Simulations consisting of a number of discrete entities, each with their own rules of behaviour. These rules determine the interactions between the elements, and between the elements (agents) and the environment in which they are contained.
Published in Chapter:
Complexity-Based Modelling Approaches for Commercial Applications
D. Collings (BT PLC, UK)
Copyright: © 2007 |Pages: 15
DOI: 10.4018/978-1-59140-984-7.ch054
Abstract
Understanding complex socio-economic systems is a key problem for commercial organizations. In this chapter we discuss the use of agent-based modelling to produce decision support tools to enhance this understanding. We consider the important aspects of the model creation process which include the facilitation of dialogue necessary to extract knowledge, the building of understanding, and the identification of model limitations. It is these aspects that are crucial in the establishment of trust in a model. We use the example of modelling opinion diffusion within a customer population and its effect on product adoption to illustrate how the agent-based modelling technique can be an ideal tool to create models of complex socioeconomic systems. We consider the advantages compared to alternative, more conventional approaches available to analysts and management decision makers.
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