There is a long and stunning history on economic thought, which, during the last decades, for not to say centuries, has led to the development of a large number of economic theories. At the same time, existing theories have frequently been criticized for (sometimes) rather restrictive assumptions regarding, e.g., individual characteristics, and the distribution and availability of rather specific pieces of information. On the one hand, these assumptions can be seen as virtue as they allow for rigorous closed-form solutions of economic models. On the other hand, these assumptions might be regarded as pitfall, as the theories’ capability to explain empirical phenomena might be limited. It is, for instance, the empirical principal-agent literature which characterizes normative principal-agent theory as being far from reality. This discrepancy has also been discussed as an aspect of the science-practice divide.
Recent developments — like the rise of new research methods, such as (agent-based) simulation — has opened up entirely new possibilities for research in the academic field of Economics. These assumptions allow, for instance, for further enriching economic models with empirically sound assumptions. To do so might not only be of substantial importance for the further development of economic theory but might also help to bridge the gap between research and practice. Moreover, the recent advancement in research methods allows to study economic models from an interdisciplinary perspective and — by doing so — contributes to bridging a disciplinary divide. The recent literature, for instance, strives for integrating findings from the academic field of Psychology into economic models.
The aim of this special track is to facilitate the meeting of people who work in the field of Economics (as well as adjacent fields) and who employ simulation-based approaches. We aim at providing a multidisciplinary forum for the presentation and discussion of recent research findings which challenges economic models by integrating empirically sound assumptions and integrating findings from other disciplines. The special track has the ultimate objective to promote the further development of economic theory.