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Question 1) Explain agent-based modeling, its purpose, its primary attributes, and where as an analysis and simulation tool i
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Answer #1

An agent-based modeling deals with Agent based models (ABM) which is a class of computational models for simulating the interactions of autonomous agents (both individual or collective entities) with a view to assessing their effects on the overall system. It combines elements of game theory, complex systems, emergence, computational sociology, multi-agent systems, and evolutionary programming.

Applications:

- In biology : Used extensively in the analysis of the spread of epidemics,

- In business, Technology : modeling of organizational behaviour and cognition, team working, supply chain optimization and logistics, modeling of consumer behavior.

- In economics and social sciences : ABMs do not assume the economy can achieve equilibrium and "representative agents" are replaced by agents with diverse, dynamic, and interdependent behavior including herding.

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