Words: agent-based model
Part of speech: n
Definition: one of a class of computational models for simulating the actions and interactions of autonomous agents (both individual or collective entities such as organizations or groups) with a view to assessing their effects on the system as a whole.
Example: Agent-based models have been used since the mid-1990s to solve a variety of business and technology problems. Examples of applications include the modeling of organizational behaviour and cognition, team working, supply chain optimization and logistics, modeling of consumer behavior, including word of mouth, social network effects, distributed computing, workforce management, and portfolio management.