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Title
Getting the Best of Both Worlds? Developing Complementary Equation-Based and Agent-Based Models
AuthorGräbner, Claudius ; Bale, Catherine S.E. ; Furtado, Bernardo Alves ; Alvarez-Pereira, Brais ; Gentile, James E. ; Henderson, Heath ; Lipari, Francesca
Published in
Computational Economics, 2017, Vol. 53, Issue 2, page 763-782
PublishedSpringer US, 2017
LanguageEnglish
Document typeJournal Article
Keywords (EN)Agent-based models / Epistemology / Equation-based models / Economic methodology / Social simulation
ISSN1572-9974
URNurn:nbn:at:at-ubl:3-1162 Persistent Identifier (URN)
DOI10.1007/s10614-017-9763-8 
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 The work is publicly available
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Abstract (English)

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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CC-BY-License (4.0)Creative Commons Attribution 4.0 International License