ABSTRACT
Social scientists have used agent-based models in various political, ecological and economic scenarios. Here, agent-based models are ideal for understanding models involving individuals who interact and produce emergent phenomena. Agent-based models can be used to study the social networks by programming and visualizing how bonds are formed and broken. The Sugarscape model proved to be an excellent tool to analyze economic models in an artificial society. Traditional economic theories follow Pareto laws, that markets always lead to perfect allocation of resources among the population. Modeling social and economic worlds usually leads to show presence of an equilibrium, when the society is at a maximum benefit, utilizing all resources and performing efficiently. Social capital theory can be useful to study how resources in social networks can be used to study network formation, through social and instrumental ties. Sociological and behavioral simulation of people in closed environments allows studying relationships between different people from a social perspective.
