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Tesfatsion, Leigh - EconWPA - 2002

Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Starting from initial conditions, specified by the modeler, the computational economy evolves over time as its constituent agents repeatedly interact...

Persistent link: https://www.econbiz.de/10005076916

A Study of Neo-Austrian Economics using an Artificial Stock Market

Benink, Harald A.; Gordillo, Jose Luis; Pardo, Juan Pablo; … - EconWPA - 2004

An agent-based artificial financial market (AFM) is used to study market efficiency and learning in the context of the … there are many coexisting signals. Learning is introduced by considering 'copycat' traders that learn the relative values of … the different strategies in the market and copy the most successful one. We show how such learning leads to a more …

Persistent link: https://www.econbiz.de/10005077021

Multi-Unit Auctions to Allocate Water Scarcity Simulating Bidding Behaviour with Agent Based Models

Hailu, Atakelty; Thoyer, Sophie - EconWPA - 2005

Multi-unit auctions are promising mechanisms for the reallocation of water. The main advantage of such auctions is to avoid the lumpy bid issue. However, there is great uncertainty about the best auction formats when multi-unit auctions are used. The theory can only supply the structural...

Persistent link: https://www.econbiz.de/10005124870

Adaptive Learning and Cyclical Behavior of Output and Inflation

Adam, Klaus - EconWPA - 2002

the help of econometric models. Agents use least squares learning to estimate two competing models of which one is … consistent with rational expectations once learning is complete. When past performance governs the choice of forecast model …

Persistent link: https://www.econbiz.de/10005126229

Learning the inflation target

Nunes, Ricardo - EconWPA - 2005

The New Keynesian model with rational expectations unrealistically predicts that unanticipated credible changes in the inflation target lead to an immediate jump in the inflation level while the output gap is unaffected. We set up a theoretical model where agents learn the behaviour of the...

Persistent link: https://www.econbiz.de/10005126243

Continuous Fictitious Play via Projective Geometry

Berger, Ulrich - EconWPA - 2003

Using insights from the theory of projective geometry one can prove convergence of continuous fictitious play in a certain class of games. As a corollary, we obtain a kind of equilibrium selection result, whereby continuous fictitious play converges to a particular equilibrium contained in a...

Persistent link: https://www.econbiz.de/10005062342

A general model of best response adaptation

Berger, Ulrich - EconWPA - 2003

We develop a general model of best response adaptation in large populations for symmetric and asymmetric conflicts with role-switching. For special cases including the classical best response dynamics and the symmetrized best response dynamics we show that the set of Nash equilibria is...

Persistent link: https://www.econbiz.de/10005062353

Dynamic Non-Bayesian Decision Making

Monderer, Dov; Tennenholtz, Moshe - EconWPA - 1997

The model of a non-Bayesian agent who faces a repeated game with incomplete informationagainst Nature is an appropriate tool for modeling general agent- environment interactions. In such a modelthe environment state (controlled by Nature) may change arbitrarily and the reward function is...

Persistent link: https://www.econbiz.de/10005062380

Learning in Different Social Contests

Novarese, Marco - EconWPA - 2004

This paper aims at analysing the effects of learning on the individual behaviour in an experiment that requires … apply them also in other situations) and propose new hypothesis. Learning is not only based on a mechanical repetition of …

Persistent link: https://www.econbiz.de/10005407620

Models of Firm Dynamics and the Hazard Rate of Exits: Reconciling Theory and Evidence using Hazard Regression Models

Bhattacharjee, Arnab - EconWPA - 2005

(active learning model), negative initial size effects that fall with age but stay permanently negative (passive learning … the active learning model, the effect of initial size is significantly negative for a young firm and falls to zero with …

Persistent link: https://www.econbiz.de/10005407957