What the Nobel Prize in Economics Means for (Agent-based) Simulation

The latest winner of the Nobel Prize in Economics, Angus Deaton is showcased in Ben Schuman’s blog from October 19th, 2015. Ben Schumann a senior modeler at decisionLab with a Ph.D. in Complex Systems Simulation. Moreover, as you know, Ben is a significantly experienced AnyLogic User, who works with diverse clients such as the MoD, Rolls-Royce or GSK. He handles project delivery from start to end, managing team members, and client communication.

Typically, both economics researchers and mathematical modelers take into account certain parameters and the model outcomes are defined by the modeler. In the case of Deaton’s work and agent-based modeling, a different approach is used by defining individual behavior, and studying how it plays out.

Find out why Deaton was chosen, and how his work applies the same ideas that outline agent-based modeling on Ben Schumann’s webpage. As you may experience, agent-based modeling can be hard to convince of accuracy and describe to clients or colleagues. Utilize Ben’s blog for a few simple explanations and take an opportunity to wrap your head around this innovative technology.