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The economy as an evolving complex system
1988
Persistent link: https://www.econbiz.de/10000129594
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The economy as an evolving complex system
Arthur, W. Brian (contributor);  … - 1997
Persistent link: https://www.econbiz.de/10000636633
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Current perspectives and future directions
Blume, Lawrence E. (contributor);  … - 2006
Persistent link: https://www.econbiz.de/10009673457
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Chaos in Learning a Simple Two Person Game
Sato, Yuzuru; Akiyama, Eizo; Farmer, J. Doyne - Santa Fe Institute - 2001
We investigate the problem of learning to play a generalized rock-paper-scissors game. Each player attempts to improve her average score by adjusting the frequency of the three possible responses. For the zero-sum case the learning process displays Hamiltonian chaos. The learning trajectory can...
Persistent link: https://www.econbiz.de/10005791038
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On the Impossibility of Predicting the Behavior of Rational Agents
Foster, Dean P.; Young, H. Peyton - Santa Fe Institute - 2001
his or her prediction of the opponentsÕ strategies. We demonstrate that there is an inherent tension between rationality …
Persistent link: https://www.econbiz.de/10005791069
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Rationality for Economists?
McFadden, Daniel - Santa Fe Institute - 1998
Rationality is a complex behavioral theory that can be parsed into statements about preferences, perceptions, and … process. This paper looks at the evidence on rationality that is provided by behavioral experiments, and argues that most … least with rationality narrowly defined. The paper discusses how these cognitive anomalies influence economic behavior and …
Persistent link: https://www.econbiz.de/10005837711
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Decisionmetrics: A Decision-Based Approach to Econometric Modeling
Skouras, Spyros - Santa Fe Institute - 2001
In many applications it is necessary to use a simple and therefore highly misspecified econometric model as the basis for decision-making. We propose an approach to developing a possibly misspecified econometric model that will be used as the beliefs of an objective expected utility maximiser. A...
Persistent link: https://www.econbiz.de/10005623661
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Technical Trading Creates a Prisoner's Dilemma: Results from an Agent-Based Model
Joshi, Shareen; Parker, Jeffrey; Bedau, Mark A. - Santa Fe Institute - 1998
The widespread use and proven profitability of technical trading rules in financial markets has long been a puzzle in academic finance. In this paper we show, using an agent-based model of an evolving stock market, that widespread technical trading can arise due to a multi-person prisoners'...
Persistent link: https://www.econbiz.de/10005790614
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Interaction Games: A Unified Analysis of Incomplete Information, Local Interaction, and Random Matching
Morris, Stephen - Santa Fe Institute - 1997
Incomplete information, local interaction, and random matching games all share a common structure. A type or player interacts with various subsets of the set of all types/players. A type/player's total payoff is additive in the payoffs from these various interactions. This paper describes a...
Persistent link: https://www.econbiz.de/10005790615
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Entrepreneurs: Self-Confident Agents Busting Self-Confirming Equilibria
Ryall, Michael D. - Santa Fe Institute - 1996
Persistent link: https://www.econbiz.de/10005790698