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@MartinSGaynor It’s possible but to me, ABMs are mostly a theoretical tool. They thrive with systems with many degrees of freedom, whereas regular equation-based models quickly become untractable in such context.Permalink
Mood +2 🙂
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@MartinSGaynor The best way to understand ABMs is as computational Petri dishes, where you can simulate how an economy would react to policy x/y/z, and so on We need empirical data to calibrate those models, so I’d say ABMs are more complements that substitutes to empirical econ
Mood +3 🙂