Big Data and the bright future of simulation - The case of agent-based modeling

Abstract

Big Data may be an ugly word describing a diverse reality, but it also points to a bright future for simulation in general, and Agent-Based Modeling (ABM) in particular. As companies are struggling to make sense of the staggering amounts of data they have been amassing, data-driven simulation will be the backbone of how value is discovered and captured from data. Drawing from successful applications of ABM, I will make it explicit that what used to be an afterthought of simulation modeling (calibration) is now the cornerstone of the Big Data edifice.