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Agent-based modeling: the right mathematics for the social sciences?

In J. B. Davis & D. W. Hands (eds.), Elgar Companion to Recent Economic Methodology. Edward Elgar Publishers. pp. 228 (2011)

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  1. On the Ontological Turn in Economics: The Promises of Agent-Based Computational Economics.Shu-Heng Chen - 2020 - Philosophy of the Social Sciences 50 (3):238-259.
    This article argues that agent-based modeling is the methodological implication of Lawson’s championed ontological turn in economics. We single out three major properties of agent-based computational economics, namely, autonomous agents, social interactions, and the micro-macro links, which have been well accepted by the ACE community. We then argue that ACE does make a full commitment to the ontology of economics as proposed by Lawson, based on his prompted critical realism. Nevertheless, the article also points out the current limitations or constraints (...)
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  • Modeling Economic Systems as Locally-Constructive Sequential Games.Leigh Tesfatsion - 2017 - Journal of Economic Methodology 24 (4):1-26.
    Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these essential properties imply real-world economies are locally-constructive sequential games. This paper discusses a modeling approach, (...)
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