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On the Role of Agent-based Modeling in the Theory of Development Economics

FLORIAN CHÁVEZ-JUÁREZ

Ficha:

Chávez-Juárez, F. (2016). On the Role of Agent-based Modeling in the Theory of Development Economics. Review of Development Economics. doi:10.1111/rode.12264

ABSTRACT/RESEÑA:

In this article I discuss the potential role of agent-based modeling techniques in development economics. Development economics has recently seen a strong rise of experimental evidence from the field and the laboratory. At the same time, there is a debate on how theory should adapt to this new approach and its findings. I argue in this paper that the agent-based modeling approach is a promising complement to the traditional modeling techniques, as it can easily incorporate the non-standard findings of the experimental literature. Moreover, I emphasize the opportunity of a mutually beneficial interplay between experiment-based empirical research and agent-based models.

I argue in this paper that the agent-based modeling approach is a promising complement to the traditional modeling techniques, as it can easily incorporate the non-standard findings of the experimental literature.

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