@inproceedings { baptista14, abstract = {Although a number of agent-based models of consumer behavior have been proposed in recent years they are seldom adopted in most business games. The advantages of this approach are yet to be fully grasped by the business simulation community, who continues to favor equation-based models over the agent-based alternative. We review the major contributions to the field of agent-based models of consumer behavior. For illustration purposes we present a simple agent-based model of consumer behavior, which allows simulating context effects.}, booktitle = {Developments in Business Simulation and Experiential Learning}, keywords = {Computer Games;Multi-Agent Societies;Intelligent Virtual Agents;}, pages = {179-183}, publisher = {ISAGA}, title = {Applying Agent-Based Modeling To Business Simulations}, volume = {41}, year = {2014}, author = {Márcia Baptista and Carlos Martinho and Francisco Lima and Pedro Santos and Helmut Prendinger} }