Heuristic learning and the discovery of specialization and exchange
I develop and calibrate an agent-based model of boundedly rational, adaptive agents in a two-good production and exchange economy to replicate human-subject outcomes in the same eight-person experimental economy. To test agents' ability to capture human behavior, I extend the model and use its output to make predictions about a second experimental environment in which the group of eight agents is slowly constructed by merging smaller groups. This environment improves human-subject performance in the specialization and exchange task, and commensurate improvement emerges for some parameterizations of the agent-based model. This iterative process yields incremental improvement of decision-level theories about economic discovery.
Year of publication: |
2011
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Authors: | Kimbrough, Erik O. |
Published in: |
Journal of Economic Dynamics and Control. - Elsevier, ISSN 0165-1889. - Vol. 35.2011, 4, p. 491-511
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Publisher: |
Elsevier |
Keywords: | Agent-based modeling Experimental economics Exchange Specialization |
Saved in:
Online Resource
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