Applications of Agent-Based Modeling to Business Research
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Abstract
The main objective of this article is to introduce applications of agent-based modeling (ABM) to business research. ABM has numerous advantages over traditional methods since it helps explain changing landscape in the long-run and capture interactions of agents within complex systems. We conduct a survey that can assess the body of knowledge in Scopus and major management journals in order to fill a gap in the literature. The results show that there has been a growing number of researchers applying ABM technique to business research, although the percentage of business research is relatively small, only 3.2 percent. Meanwhile, Kauffman’s NK model and system dynamics are the most commonly used techniques. However, the review has not found any application of cellular automata in business research. We thus propose a guideline using this technique with entrepreneurship research particularly in the context of rapidly changing environment.
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