Heterogeneous preferences, decision-making capacity, and phase transitions in a complex adaptive system

Heterogeneous preferences, decision-making capacity, and phase transitions in a complex adaptive system.

There has been a belief that with the directing power of the market, the efficient state of a resource-allocating system can eventually be reached even in a case where the resource is distributed in a biased way. To mimic the realistic huge system for the resource allocation, we designed and conducted a series of economic experiments. From the experiments we found that efficient allocation can ...

decision-making in australia’s healthcare system and insights from complex adaptive systems theory

Analysis of Decision-making Behavior Based on Complex Adaptive System

This paper focuses on the decision-making behavior based on the complex adaptive system. Firstly, the paper reviewed the related work of the complex adaptive system and the edge of chaos in complex systems in different fields. Secondly, a general decision model of an agent is established and the condition that an agent is just at the edge of chaos is defined. Thirdly, making use of Langton’s co...

Collective Investment Decision Making with Heterogeneous Time Preferences

We examine the investment decision problem of a group whose members have heterogeneous time preferences. In particular, they have different discount factors for utility, possibly not exponential. We characterize the properties of efficient allocations of resources and of shadow prices that would decentralize such allocations. We show in particular that the term structure of interest rates is de...

Analogy-Making as a Complex Adaptive System

This paper describes a computer program, called Copycat, that models how people make analogies. It might seem odd to include such a topic in a collection of papers mostly on the immune system. However, the immune system is one of many systems in nature in which a very large collection of relatively simple agents, operating with no central control and limited communication among themselves, coll...