Agent-Based Modeling is an approach to building computer simulations where the computer model consists of independent, autonomous entities known as agents, whose behavior are described by rules and have the ability to interact with other agents and their environment and in the process learn and adapt to other agents and the environment. Agent-Based Modeling has become popular as a means of understanding how properties of a complex system as a whole emerge from the actions and interactions of individual agents. In the Social Sciences, it has been used to model the economy and we at ITSRLab, use it to study and understand the evolution of industries and glean insights that would be of use to policy makers for promulgating effective policy.
