Volume 2, 2006, Pages 949–1011
Edited By L. Tesfatsion and K.L. Judd
Chapter 19 Agent-Based Models and Human Subject Experiments
- Department of Economics, University of Pittsburgh, Pittsburgh, PA 15260, USA
- Available online 15 April 2006
Abstract
This chapter examines the relationship between agent-based modeling and economic decision-making experiments with human subjects. Both approaches exploit controlled “laboratory” conditions as a means of isolating the sources of aggregate phenomena. Research findings from laboratory studies of human subject behavior have inspired studies using artificial agents in “computational laboratories” and vice versa. In certain cases, both methods have been used to examine the same phenomenon. The focus of this chapter is on the empirical validity of agent-based modeling approaches in terms of explaining data from human subject experiments. We also point out synergies between the two methodologies that have been exploited as well as promising new possibilities.
Keywords
- agent-based modeling;
- human subject experiments
JEL classification
- B4;
- C6;
- C9
Copyright © 2006 Elsevier B.V. All rights reserved.