Examining Social Processes with Agent-Based Models

32 Pages Posted: 19 Jul 2010

Date Written: July 16, 2010

Abstract

It is plain that the Austrian revival that began in the 1970s has yet to succeed in convincing the mainstream of the academy to jettison their physics-based mathematical models in favor of the sort of models and forms of argumentation that contemporary Austrians advocate. Agent-based computational modeling is still in its relative infancy but is beginning to gain recognition among economists disenchanted with the neoclassical paradigm. The purpose of this paper is to assuage concerns that readers might have regarding methodological consistency between agent-based modeling and Austrian economics and to advocate its adoption as a means to convey Austrian ideas to a wider audience. I examine models developed and published by other researchers and ultimately provide an outline of how one might develop a research agenda that leverages this technique. I argue that agent-based modeling can be used to enhance Austrian theorizing and offers a viable alternative to the neoclassical paradigm.

Keywords: agent-based modeling, methodology

JEL Classification: B41, B53, C63

Suggested Citation

Seagren, Chad Wayne, Examining Social Processes with Agent-Based Models (July 16, 2010). Available at SSRN: https://ssrn.com/abstract=1641430 or http://dx.doi.org/10.2139/ssrn.1641430

Chad Wayne Seagren (Contact Author)

Naval Postgraduate School ( email )

1 University Circle
Monterey, CA 93940
United States

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