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The economy as an evolving complex system

1988

Persistent link: https://www.econbiz.de/10000129594

The economy as an evolving complex system

Arthur, W. Brian (contributor); … - 1997

Persistent link: https://www.econbiz.de/10000636633

Current perspectives and future directions

Blume, Lawrence E. (contributor); … - 2006

Persistent link: https://www.econbiz.de/10009673457

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

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

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

Games of Status Part I: Modeling Considerations

Quint, Tom; Shubik, Martin - Santa Fe Institute - 1997

Many of the applications of game theory have been to economics where the individuals under study are assumed to be maximizing profits or Òutility'' or some other conventional economic goal of Òstatus.'' Loosely stated we think of status as one's position in a society compared with others,...

Persistent link: https://www.econbiz.de/10005739896

Games of Status and Wealth and Status Part II: A Game Theoretic Approach

Quint, Tom; Shubik, Martin - Santa Fe Institute - 1997

In Part I we provide a heuristic discussion of the motivation for the investigation of games of status. Here we confine our remarks to several alternative formulations of games of status and to exploring the relationship between these games and the class of simple games, in part using the...

Persistent link: https://www.econbiz.de/10005623610

Financial Markets Can Be at Sub-Optimal Equilibria

Joshi, Shareen; Parker, Jeffrey; Bedau, Mark A. - Santa Fe Institute - 1999

We use game theory and the Santa Fe Artificial Stock Market, an agent-based model of an evolving stock market, to study the properties of strategic Nash equilibria in financial markets. We discover two things: there is a unique strategic equilibrium in the market, and this equilibrium in...

Persistent link: https://www.econbiz.de/10005623644

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