Agent Based Modelling: what is the big deal about policy?

This was an event run by NEKS, allowing you to better understand how ABMs are best used to inform policy and regulatory strategies. It is given by people who have both built and used ABMs. Jonathan Hyde from Risk Solutions presents at the event, describing how our agent based models solve real world complex problems.

Agent Based Modelling (ABM) is a key new technique for exploring complex economic problems. It can represent complex interactions between agents over time under different scenarios. It can be used to better understand and mitigate risks and identify and accentuate opportunities for policy. It is a key tool recommended by people such as Andy Haldane, Chief Economist of the Bank of England and Richard Bookstaber, former Securities and Exchange Commission regulator and Treasury department adviser. Current users include government depts and agencies, banks, major retailers and the military amongst others.

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