Description
Title: Agent-Based Modeling in Economics: A Bibliometric Analysis of Developments and Research Frontiers
Abstract: Models of Dynamic Stochastic General Equilibrium (DSGE) are frequently employed in the formulation of policy decisions. When these models failed to foresee the 2008 financial crisis and failed to address subsequent policy issues, they lost their reputation. Meanwhile, a DSGE model substitute known as Agent-Based Modelling (ABM) emerged. This study examined academic literature on the subject of ABM in economics between 2000 and 2020. The SCOPUS database is used to collect the data. The total number of publications and citations, among other bibliometric metrics, are provided. The study shows that there has been an increase in agent-based modeling in recent years in economics research. The majority of ongoing research takes place in nations like the United States of America, and cooperation enables scientists to collaborate with scientists from many more nations. ABM has the potential to be used in many different economic sectors. To be used to better understand economic phenomena, ABM also requires research into its own development.
Keywords: agent-based modelling; bibliometric analysis; network analysis; conceptual structure; social structure
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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