Agent-based simulation is increasingly used to analyze the performance of complex systems. There are two main ways agentbased models are built -- from equation-based models and directly from data. We are building models in both ways, investigating approaches for creating them and for validating them. In this paper we describe results of our work on one specific agent-based model, showing how it can be validated against the equation-based model from which it was derived, and the extent to which it can be used to derive additional results over and above those that the equationbased model can provide. Categories and Subject Descriptors I.6.6 [Simulation and Modeling]: Model Validation and Analysis General Terms Experimentation, Verification Keywords Agent-based modeling, simulation, education