Agent-based Versus Macroscopic Modeling of Competition and Business Processes in Economics

Details Agent-based Versus Macroscopic Modeling of Competition and Business Processes in Economics Agent-based Versus Macroscopic Modeling of Competition and Business Processes in Economics

2011-04-14

arxiv.org/abs/1104.2895v1

Physics

Physics and Society

Scientific paper

Simulation serves as a third way of doing science, in contrast to both induction and deduction. The web based modeling may considerably facilitate the execution of simulations by other people. We present examples of agent-based and stochastic models of competition and business processes in economics. We start from as simple as possible models, which have microscopic, agent-based, versions and macroscopic treatment in behavior. Microscopic and macroscopic versions of herding model proposed by Kirman and Bass diffusion of new products are considered in this contribution as two basic ideas.

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