“…The agents interact with the system and other agents based on a set of rules (Tesfatsion, 2003). The ABM approach has been used to explore different aspects of auction mechanism design in many sectors, including finance (Yim et al, 2016); energy (Anatolitis & Welisch, 2017); fisheries (Iftekhar & Tisdell, 2012); and conservation services procurement (Hailu & Schilizzi, 2004;Iftekhar & Tisdell, 2016). However, little research has been devoted to understanding the performance of water buyback auctions using ABM.…”