Applying Agent-Based Modeling To Business Simulations


  • Marcia Lourenco Baptista
  • Carlos Roque Martinho
  • Francisco Lima
  • Pedro Alexandre Santos
  • Helmut Prendinger


Although a number of agent-based models of consumer behavior have been proposed in recent years they are seldom adopted in most business games. The advantages of this approach are yet to be fully grasped by the business simulation community, who continues to favor equation-based models over the agent-based alternative. We review the major contributions to the field of agent-based models of consumer behavior. For illustration purposes we present a simple agent-based model of consumer behavior, which allows simulating context effects.