منابع مشابه
Case-Based Learning in the Cobweb Model
In this paper, we propose a new approach to model bounded rationality in macroeconomics. This method is based on Case-based Decision Theory (Gilboa and Schmeidler, 1995), which been shown to match human choice behavior in experiments (Pape and Kurtz, 2013; Guilfoos and Pape, 2014). The idea is that case-based learning agents behave like ‘average people’ who do not possess structural knowledge o...
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Using genetic programming to model the cobweb model as a multiagent system, this chapter generalizes the work done by Arifovic (1994), which is based on genetic algorithms. We find that the rational expectations equilibrium price which can be discovered by genetic algorithms can also be discovered by genetic programming. Furthermore, genetic programming requires much less prior knowledge than g...
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This paper presents the cobweb model in which competitive firms, in a market for a single good, use a genetic algorithm to update their decision rules about next-period production and sales. The results of simulations show that the genetic algorithm converges to the rational expectations equilibrium for a wider range of parameter values than other algorithms frequently studied within the contex...
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The new learning dynamic of Brown, von Neuman and Nash (1950) is introduced to macroeconomic dynamics via the cobweb model with rational and naive forecasting strategies. This dynamic has appealing properties such as positive correlation and inventiveness. There is persistent heterogeneity in the forecasts and chaotic behavior with bifurcations between periodic orbits and strange attractors for...
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" By William Gibson. Martin Seeker 6? Warburg Ltd. 15/-. Perhaps it is professional prejudice, but psychiatric interviews in novels are seldom convincing and The Cobweb is not an exception. The theme, however, need not have been set in a psychiatric hospital. Almost any setting could have been used, and in itself it is interesting and exciting. The book gives a lively account of interpersonal t...
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ژورنال
عنوان ژورنال: Macroeconomic Dynamics
سال: 2007
ISSN: 1365-1005,1469-8056
DOI: 10.1017/s1365100507060208