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Updated: Oct 13, 2025

The HoneyComb Paradigm for Research on Collective Human Behavior
Published on: January 19, 2019
Advances in the agent-based modeling of economic and social behavior
Mitja Steinbacher1, Matthias Raddant2, Fariba Karimi3,4
1Department of Mathematics and Statistics, Faculty of Law and Business Studies, Krekov trg 1, 1000 Ljubljana, Slovenia.
Abstract:
In this review we discuss advances in the agent-based modeling of economic and social systems. We show the state of the art of the heuristic design of agents and how behavioral economics and laboratory experiments have improved the modeling of agent behavior. We further discuss how economic networks and social systems can be modeled and we discuss novel methodology and data sources. Lastly, we present an overview of estimation techniques to calibrate and validate agent-based models and show avenues for future research.
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