Agent-based Methodology (ABM) is becoming indispensable for the interdisciplinary study of social and economic complex adaptive systems. The essence of ABM lies in the notion of autonomous agents whose behavior may evolve endogenously and can generate and mimic the corresponding complex system...

Results from our optimization exercise clearly show the advantage of using the random search algorithms when we anticipate the search for the global optimum to be difficult. When the number of parameters in the model is relatively small (nine parameters) Differential Evolution performs better...