Since the influential survey by Windrum et al. (2007), research on empirical validation of agent-based models in economics has made substantial advances, thanks to a constant flow of high-quality contributions. This Chapter attempts to take stock of such recent literature to offer an updated critical review of existing validation techniques. We sketch a simple theoretical framework that conceptualizes existing validation approaches, which we discuss along three different dimensions: (i) comparison between artificial and real-world data; (ii) calibration and estimation of model parameters; and (iii) parameter space exploration.
CITATION STYLE
Fagiolo, G., Guerini, M., Lamperti, F., Moneta, A., & Roventini, A. (2019). Validation of Agent-Based Models in Economics and Finance (pp. 763–787). https://doi.org/10.1007/978-3-319-70766-2_31
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