Complex agent-based models: application of a constructivism in the economic research

Bureš, Vladimír; Tučník, Petr

doi:10.15240/tul/001/2014-3-012

Cited by 17 publications

(13 citation statements)

References 32 publications

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“…Their study demonstrates that the proposed methodology has a potential to improve decision-making objectivity. In addition to this, various information, communication or knowledge technologies are used (Bureš & Tučník, 2014;Mikulecký, Olševičová, Bureš, & Mls, 2011).…”

Section: Discussionmentioning

confidence: 99%

Complexity of Information Society Prevents Achievement of Satisfactory Decision Making

Bureš

Otčenášková

2018

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Current society is characterised by increasing number of complex situations which require the prompt and efficient decisions. It has repeatedly been proved that humans confronted with complex situations fail to perform decision making at the desired level of quality. This study searches for understanding how the current information society influences decision making, which is not always as successful as we expect. The main research question of this paper aims at the identification of the factors limiting the outcomes of decisionmaking processes based on three case studies. The methodology includes the repetitive semi-structured interviews with domain experts and the consequent creation of three scenarios. The main finding, the set of characteristics of decision-making processes, is provided to consider more issues related to those situations and to eliminate their threats and bottlenecks. In addition to this, mutual relationships among characteristics are outlined with the help of the causalloop diagram. Altogether, twelve characteristics of complex decision making typical for information society are identified in this study. This study reveals that due to growing complexity the decision-makers in the current information society have to deal with issues that are associated with the Law of Requisite Variety. This confirms that growing complexity of information flows represents an inevitable trait of the information society.

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Section: Discussionmentioning

confidence: 99%

Complexity of Information Society Prevents Achievement of Satisfactory Decision Making

Bureš

Otčenášková

2018

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“…As the model’s functionality, usability, validity, and robustness have already been proved, only a brief description is provided in this section. Additional details associated with the platform can be found in [1]. …”

Section: Methodsmentioning

confidence: 99%

“…Therefore, these environments are modelled with the help of various techniques or approaches. The traditional analytical approach to modelling of economic systems has several weak points [1]. Therefore, modelling based on systems dynamics principles [2] or agent-based techniques has recently emerged as a viable alternative.…”

Section: Introductionmentioning

confidence: 99%

Experimental Evaluation of Suitability of Selected Multi-Criteria Decision-Making Methods for Large-Scale Agent-Based Simulations

Tučník

Bureš

2016

PLoS ONE

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Multi-criteria decision-making (MCDM) can be formally implemented by various methods. This study compares suitability of four selected MCDM methods, namely WPM, TOPSIS, VIKOR, and PROMETHEE, for future applications in agent-based computational economic (ACE) models of larger scale (i.e., over 10 000 agents in one geographical region). These four MCDM methods were selected according to their appropriateness for computational processing in ACE applications. Tests of the selected methods were conducted on four hardware configurations. For each method, 100 tests were performed, which represented one testing iteration. With four testing iterations conducted on each hardware setting and separated testing of all configurations with the–server parameter de/activated, altogether, 12800 data points were collected and consequently analyzed. An illustrational decision-making scenario was used which allows the mutual comparison of all of the selected decision making methods. Our test results suggest that although all methods are convenient and can be used in practice, the VIKOR method accomplished the tests with the best results and thus can be recommended as the most suitable for simulations of large-scale agent-based models.

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“…Additionally to the mainstream formal and curve-fitting modelling, other approaches such as agent-based modelling [24,25] or probabilistic approaches [26] have been spread among researchers in the field. In addition to this, various tools are applied in order to reduce modelling weak points.…”

Section: Modelling Of Economic Systemsmentioning

confidence: 99%

Adding Feedbacks and Non-Linearity to the Neoclassical Growth Model: A New Realm for System Dynamics Applications

Režný¹,

Bureš²

2018

Systems

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Modelling of economic systems is traditionally associated with a mathematical formalism that has its drawbacks and limitations. This study applies system dynamics as a specific modelling technique that enables us to modify and elaborate existing economic models and improve them both from a theoretical perspective and for practical applications. More specifically, the Solow-Swan growth model is enriched by feedback and non-linearity based on its extension by the energy sector. The influence and role of renewable resources are considered in this enhancement. The developed model is tested in two different scenarios and utilizes sensitivity analysis as the primary tool. Acquired outcomes offer a new perspective on the economy-energy nexus based on real data and demonstrate that system dynamics can be successfully used as a modelling tool even in the theoretical economics as a traditional discipline.

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Complex agent-based models: application of a constructivism in the economic research

Cited by 17 publications

References 32 publications

Complexity of Information Society Prevents Achievement of Satisfactory Decision Making

Complexity of Information Society Prevents Achievement of Satisfactory Decision Making

Experimental Evaluation of Suitability of Selected Multi-Criteria Decision-Making Methods for Large-Scale Agent-Based Simulations

Adding Feedbacks and Non-Linearity to the Neoclassical Growth Model: A New Realm for System Dynamics Applications

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