Agent-Based Modeling for Simulation of Complex Business Systems

Abstract

This article aims to provide a synopsis of agent-based modeling and how to adapt an agent-based research strategy for the scientific study of complex business systems. Agent-based systems have been a popular field of study in computer science for some time. While computer science-related research has been focused on the artifact itself, such as computational languages and algorithms, research in the management sciences is explicitly focused on business problems. Research in Information Systems (IS) has begun to advance knowledge in the use of agent-based systems as a means to seek different, computational explanations for business phenomena that have eluded scientific inquiry reliant on traditional—specifically, law and axiomatic—explanation (Kimbrough, 2003). The focus on business problems requires a different research approach than what is successful in computer science. Key modifications include first, the explicit articulation of benefits specific to the management sciences, and second, instrument validation.