Agent-based modeling and simulation for business and management: A review and tutorial

Onggo, Bhakti Stephan and Foramitti, Joel (2022) Agent-based modeling and simulation for business and management: A review and tutorial. In 2021 Winter Simulation Conference, WSC 2021. vol. 2021-December, IEEE. 15 pp . (doi:10.1109/WSC52266.2021.9715352).

Record type: Conference or Workshop Item (Paper)

Abstract

Agent-based modeling and simulation (ABMS) has become one of the most popular simulation methods. It has been applied to a wide range of application areas including business and management. This article introduces ABMS and explains how it can support management decision making. It covers key concepts and the modeling process. AgentPy is used to show the software implementation of the concepts. This article also provides a literature review on ABMS in business and management research using bibliometric analysis and content analysis. It shows that there has been an increase in the research that uses ABMS and identifies several research clusters across management disciplines such as strategic management, marketing management, operations and supply chain management, financial management, and risk management.

Text

Agent-Based_Modeling_and_Simulation_For_Business_and_Management_A_Review_and_Tutorial (1) - Version of Record

Restricted to Repository staff only

Request a copy

More information

Published date: February 2022

Additional Information: Funding Information: The study has benefited from an ERC Advanced Grant under the EU Horizon 2020 research and innovation programme (grant agreement no 741087) and The UK EPSRC (EP/T00360X/1 and EP/T004002/1). Publisher Copyright: © 2021 IEEE.

Venue - Dates: 2021 Winter Simulation Conference, WSC 2021, , Phoenix, United States, 2021-12-12 - 2021-12-15

Learn more about Southampton Business School research