Electronic International Standard Serial Number (EISSN)
1572-9974
abstract
We argue that building agent-based and equation-based versions of the same theoretical model is a fruitful way of gaining insights into real-world phenomena. We use the epistemological concept of 'models as isolations and surrogate systems' as the philosophical underpinning of this argument. In particular, we show that agent-based and equation-based approaches align well when used simultaneously and, contrary to some common misconceptions, should be considered complements rather than substitutes. We illustrate the usefulness of the approach by examining a model of the long-run relationship between economic development and inequality (i.e., the Kuznets hypothesis).
Classification
subjects
Mathematics
keywords
agent-based models, epistemology, equation-based models, economic; methodology, social simulation