Agent-Based Models Revolutionize Economic and Social Forecasting, Transforming Policy Decisions
This article discusses how scientists are improving models of economic and social systems using agent-based modeling. They are designing agents based on real human behavior and using data from experiments to make the models more accurate. The researchers are also looking at how economic networks and social systems can be represented in these models. They have developed new methods and data sources to make the models better. Finally, they have ways to test and validate these models and suggest areas for future research.