Multi-scale Validation of an Agent-Based Housing Market Model
- Publisher:
- Springer
- Publication Type:
- Conference Proceeding
- Citation:
- Advances in Social Simulation, 2020, pp. 135-140
- Issue Date:
- 2020-01-01
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| Filename | Description | Size | |||
|---|---|---|---|---|---|
| Koning-Filatova2020_Chapter_Multi-scaleValidationOfAnAgent.pdf | Published version | 200.62 kB |
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Validation is a vital step in any model that aspires to have an impact. In agent-based computational economics in particular, it is essential because, unlike most neoclassical economic models, the models are vastly complex and often unique in their kind [1, 2]. Importantly, they often require disaggregated data to specify attributes, behavioural rules and interactions among agents. Therefore, agent-based models require more time and effort to validate. There are numerous ways of validation in agent-based modelling discussed in the literature, e.g [1, 3–7]. Reviewing them is beyond the scope of this paper. Here we will focus on two dimensions of validation: empirical versus theoretical validation and micro- versus macroscale validation. In our agent-based model of the housing market, we have applied both ends of the two spectra.
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