Abstract
In a representative agent model, the behavior of a social system is described in terms of a single aggregate decision maker. Such models are popular in economic and finance research, largely due to their analytic tractability, but fail to account for real-world agent heterogeneity. Agent-based models naturally incorporate heterogeneity, but are seen as hard to generalize. We propose an empirical game-theoretic approach to address this concern, and provide a case study to demonstrate this approach.
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