What are the different types of agent-based models that can be used to study consumer activity?
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Agent-based models (ABMs) can be used to study consumer activity in various ways. One approach is to use computational models to analyze different theories of consumer decision making and compare them with each other . Another approach is to model consumer behaviors in a bottom-up manner, where each virtual consumer has their own mental state and decision-making strategies, allowing for the simulation of purchase decisions and the understanding of market rules . ABMs can also be used to analyze consumer behavior and forecast factors influencing purchasing decisions, enabling the examination of alternative marketing strategies rapidly and relatively cheaply . Additionally, ABMs can be employed to quantify consumer preferences through utility functions and analyze consumer preference behaviors, identifying key influence factors in consumer purchase behaviors . Finally, ABMs provide a powerful tool for representing the complexities of energy demand and understanding consumer behavior in the context of climate change mitigation .
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