Introduction

Abstract

In addition to deduction and induction, simulation is sometimes seen as a third methodology for doing research. Even though simulation does not prove theorems, it can enhance our understanding of complex phenomena that have been out of reach for deductive theory. Tesfatsion defines agent-based simulations as the computational study of economies that are modeled as evolving systems of autonomous interacting agents [421]. In the last decade, they have become a widely accepted tool for studying decentralized markets.