Why complex, data demanding and difficult to estimate agent based models? Lessons from a decades long research program
- Royal Institute of Technology (KTH), Sweden
Cite this article
as: G. Eliasson; 2018; Why complex, data demanding and difficult to estimate agent based models? Lessons from a decades long research program; International Journal of Microsimulation; 11(1); 4-60.
doi: 10.34196/ijm.00173
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Figures
Figure 1
Business Decision System – one firm quarterly expectation, planning, decision and outcome feedback cycle.
Note: The figure shows the internal expectational, decision and planning sequences, and experience feedbacks of one firm model, its interfaces with external product, labour and financial markets, and exogenous technology and global price inputs. Micro firm specification is only for four manufacturing markets. The rest of production is represented by six input output sectors, all being linked together by a constantly updated input- output delivery matrix (not shown). The eleventh public sector is shown in the figure.
Source: Updated version of figure in Eliasson (1977).
DIV: dividends.
EXP: expectations.
INV: investments.
PROFIT TARG: Profit target according to MIP targeting formula.
Tables
Table 1
Growth through Schumpeterian creative destruction and selection.
| 1. | Innovative entry enforces (through competition) |
| 2. | Reorganisation |
| 3. | Rationalisation, or |
| 4. | Exit (shut down and business death) |
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Source: Eliasson (1996, p. 45).
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