Agent-Based Modeling vs. Equation-Based Modeling: A Case Study and Users’ Guide

Getting the Best of Both Worlds? Developing Complementary Equation-Based and Agent-Based Models

“…In contrast to EBMs, ABMs are often used to explicitly study the aggregation mechanisms generating the macro observables of the system. EBMs often start with such macro observables and assume a certain aggregation mechanism as given (Van Dyke Parunak et al 1998). By comparing the ABM (where the aggregation mechanism is explicit) with the EBM (where the aggregation mechanism is implicit), one may examine whether an explicit consideration of the aggregation mechanism is necessary.…”

“…This raises important questions regarding their relationship with more traditional equation-based models (EBMs) in economics, and whether the two approaches can be reasonably demarcated from each other. Currently, much of the literature considers them to be mutually exclusive approaches to economic modeling (Van Dyke Parunak et al 1998;Durlauf 2012). Here we will argue instead that the two approaches should be viewed as complements rather than substitutes.…”

SimZombie: A Case-Study in Agent-Based Simulation Construction

“…This, in itself, is not a particularly helpful observation, so it is useful to then consider the particular aspects of each where benefits may accrue. Several papers highlight the benefits and limitations of each [19,31,17], which we now summarise. ODEs are often very difficult to extend -equations can very rapidly become intractable [26].…”

“…Many models are based on systems of differential equations, and examples include elastic deformation [30] and socioeconomic phenomena [8]). However, such models are often difficult to extend, do not easily capture the notion of space, and fail to handle "mixed" populations of entities [17,19,27,31]. An alternative approach, which has gained popularity in recent-years, is the agent-based method [18], where individual entities (and their interactions) within a system are explicitly simulated computationally [15,21,28].…”

“…An alternative approach, which has gained popularity in recent-years, is the agent-based method [18], where individual entities (and their interactions) within a system are explicitly simulated computationally [15,21,28]. There are many benefits to this approach, including extendibility, ease of understanding for the non-specialist, consideration of spatial factors and population heterogeneity [3,7,22,31].…”