Agent-Based Models in Development Economics

16 Pages Posted: 19 Feb 2014 Last revised: 26 May 2015

See all articles by Florian Chávez-Juárez

Florian Chávez-Juárez

Centro de Investigacion y Docencia Economicas

Date Written: May 25, 2015

Abstract

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.

Keywords: development economics, agent-based modeling techniques, randomized field trials, experiments, behavioral economics, poverty reduction

JEL Classification: B40, C63, C93, I30, I38, O12, O22

Suggested Citation

Wendelspiess Chávez Juárez, Florian, Agent-Based Models in Development Economics (May 25, 2015). Available at SSRN: https://ssrn.com/abstract=2397252 or http://dx.doi.org/10.2139/ssrn.2397252

Florian Wendelspiess Chávez Juárez (Contact Author)

Centro de Investigacion y Docencia Economicas ( email )

Carretera Mexico-Toluca 3655
Lomas de Santa Fe
Mexico City, 01210
Mexico

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