Effectively combining experimental economics and multi-agent simulation: suggestions for a procedural integration with an example from prediction markets research

This paper presents several ideas for combining experimental economics (EXP) with multi-agent simulation (MAS) more effectively. It argues that from an epistemological perspective a closer integration of both methods allows for a better use of their complementary advantages and can accelerate scientific progress. To realize this potential, we suggest an iterative, incremental procedural model as a framework for the collaboration between researchers. To further foster the integration, we recommend a higher level of documentation and standardization with respect to model and result description. An example from prediction markets research illustrates our methodological considerations. It can be shown how the suggested model and result documentations align research efforts and facilitate the transfer of results between EXP and MAS and how the procedural research model augments the scientific contributions of both methods.

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