Agent-Based
Models use individual computer objects as players or agents.
Governed by a set of rules, these agents are turned loose in a
computer-generated landscape to perform their appointed task such as
trading, segregating, spreading disease or minority opinions, reacting,
creating mayhem, bank fraud, or any number of other mischievous
endeavors. Often, their resultant behavior has a remarkable similarity
to observed reality and can also lead to an understanding of emergent
behavior.
Agent-based models, ABM, are
non-deterministic in that the outcome itself is not modeled nor often
known. In conventional modeling, equations that fit the final
stage are often developed and used to model not only the final state
but also the development thereof. However, in ABM individual
“players” or agents with a basic set of rules each act as
“individuals”. The holistic behavior of these agents is the
result of the interaction of each individual agent with other agents
and with the environment that in turn acts upon the individual
agent. The advent of sufficient computational power in the last
decades has allowed the incorporation of sufficient number of agents
and a large enough landscape to provide interesting and meaningful
results.