Agent-based simulation applications in marketing research: an integrated review

Abstract

Agent-based simulation has been used to study a wide variety of complex and social systems. This paper presents the results of a comprehensive and multi-dimensional analysis of the application of agent-based modelling and simulation in marketing. Papers are evaluated with respect to types of interaction and communication channels, individual cognitive decision-making styles, social system structures, application area, goals of the simulation study, and other model properties. Furthermore, network analysis and text-mining methods are employed as two novel approaches to establish the current state of the literature and reveal literature trends, gaps, and strengths. Various emergent phenomena and important findings from the application of agent-based simulation in different areas within marketing are also discussed. Finally, the results of the literature analysis are used to make future research recommendations by providing an architecture for conceptual model design and general guidelines to increase the credibility of agent-based models in the marketing domain.

Keywords:

• agent-based modelling and simulation
• marketing
• literature review and analysis

Acknowledgements

The authors are grateful to the anonymous referees for their helpful comments and suggestions from which the paper benefited substantially.