An Agent-Based Model That Relates Investment in Education to Economic Prosperity

We examine the relationship between the investment that a society makes in education in one generation, and the outcome in terms of the health of the society’s economy in ensuing generations. We have employed multiagent simulation techniques in which equation-based models from the economics literature are used to derive parameterized sets of agent behaviors and environmental characteristics. Agents are divided into three chronological categories: students, adults and pensioners; and each responds to and affects the environment in different ways, in terms of both human and physical capital. We explore the effects of different parameter settings on the education investment of a society and the resulting economic growth.

• Type: Conference
• Year: 2007
• Where: MABS
• Authors: Yuqing Tang, Simon Parsons, Elizabeth Sklar
• Keywords: Equation-based Models, MABS 2007, Multiagent Simulation Techniques, Simulation, Society’s Economy