BizSim: the world of business—in a box

Abstract

Large-scale, agent-based simulations are dramatically changing how one studies real-world processes, especially social and behavioral processes. This paper addresses some of the ways this computing technology enables us to understand more about the world of business. In aprticular, we show here how computer simulation has been used to investigate the efficiency of stock markets and the operation of a supermarket. Both examples illustrate the point that it is possible to gain a much deeper understanding of the ways of business by screating “laboratories” for doing controlled, repeatable scientific experiments with such systems.