Agent-Based Models 101 - Introduction to Micro-Decision Modeling for Business Applications

Explore agent-based models (ABMs) and their practical applications in business through this 50-minute introductory conference talk from the Data Science Festival. Learn how ABMs help understand macro-level population behaviors by modeling micro-level decisions made by individuals, households, and companies, allowing for rich detail incorporation at the individual level. Begin with a historical overview of agent-based modeling before diving into the core components that make up an ABM. Follow along with a coded example from the advertising world that demonstrates how to simulate ad campaign reach across different channels. Discover the advantages and limitations of ABMs as a modeling technique and understand what it takes to implement these models effectively in real-world business scenarios. Gain foundational knowledge that will enable you to code your own agent-based model and appreciate this lesser-known but powerful data science tool for analyzing complex systems and behaviors.