In this introductory talk, we will discuss agent-based models (ABMs) and their use in a business setting. ABMs are used to understand macro behaviours (at the scale of the population) through the lens of micro decisions (i.e. taken by people, households, companies, …). This allows the modeller to incorporate rich detail at the level of the individual.
After a brief historical overview, we will define the core components of an ABM. We will look at a coded example from the world of advertising: simulating how an ad campaign reaches people across different channels. We will end by discussing the pros and cons of ABMs as a modelling technique and what it takes to use these models effectively in practice.
At the end of this talk, attendees will be able to appreciate this lesser known data science tool and leave with the foundational knowledge to code an ABM themselves.
Technical level: Introductory level/students (some technical knowledge needed)
Session Length: 40 minutes
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