Description:
In the natural sciences, computational methods have become a central part of the research process. In disciplines as diverse as physics, cosmology, chemistry, and pharmacy, computer-based modeling drives scientific progress and has become a standard tool for scientific research (Morrison 2015). The picture is slightly different in the social sciences, including economics, and business; when it comes to statistical analysis, for instance, computers indeed find their place there. However, computers play a less central role in that their contribution to theory-building, constructing models, and simulations has so far been only minimally exploited. When it comes to analyzing complex systems, non-linear dynamics, and phenomena of emergence, early contributions by Schelling (1969), Axelrod (1980), Epstein and Axtell (1996), and Arthur (1994) have already demonstrated that computer simulations can help overcome some restrictions of classical (economic and game-theoretic) modeling. However, early simulations tend to lack a thorough empirical validation and are sometimes based on highly idealized or even empirically false assumptions. This raises the question of the utility of such models. With this introduction, we hope to demonstrate the value of these contributions for modern social sciences, particularly economics, and business.