Agent-based Modeling with Boundedly Rational Agents
نویسندگان
چکیده
This chapter introduces an agent-based modeling framework for reproducing micro behavior in economic experiments. It gives an overview of the theoretical concept which forms the foundation of the framework as well as short descriptions of two exemplary models based on experimental data. The heterogeneous agents are endowed with a number of attributes like cooperativeness and employ more or less complex heuristics during their decision-making processes. The attributes help to distinguish between agents, and the heuristics distinguish between behavioral classes. Through this design, agents can be modeled to behave like real humans and their decision making is observable and traceable, features that are important when agent-based models are to be used in collaborative planning or participatory modelbuilding processes.
منابع مشابه
A review of agent-based modeling (ABM) concepts and some of its main applications in management science
We live in a very complex world where we face complex phenomena such as social norms and new technologies. To deal with such phenomena, social scientists often use reductionism approach where they reduce them to some lower-lever variables and model the relationships among them through a scheme of equations. This approach that is called equation based modeling (EBM) has some basic weaknesses in ...
متن کاملIntention-aware planning under uncertainty for interacting with self-interested, boundedly rational agents
A key challenge in non-cooperative multi-agent systems is that of developing efficient planning algorithms for intelligent agents to perform effectively among boundedly rational, self-interested (i.e., non-cooperative) agents (e.g., humans). To address this challenge, we investigate how intention prediction can be efficiently exploited and made practical in planning, thereby leading to efficien...
متن کاملVery preliminary (Please don’t cite) Heterogeneous Expectations, Market Dynamics and Social Welfare
This paper explores the extent to which the lack of rationality of economic agents has affected the economic fluctuations and the social welfare of the U.S. hog market. A group of articles has ascribed the business cycles of the hog market, observed by economists as early as the last century, mainly to the lack of rationality (cobweb expectations) of economic agents. In contrast, others, assumi...
متن کاملOn Agent-Based Modeling of Complex Systems: Learning and Bounded Rationality
This paper seeks to connect the literatures from artificial intelligence, economics, and cognitive science to make the case that not only is the notion of bounded optimality from the AI literature the right goal for agent design, it can also serve as a principled means for modeling boundedly rational agents in complex systems like economic markets. While appealing, this goal leaves open two cri...
متن کاملBoundedly Rational and Emotional Agents Cooperation, Trust and Rumor
Computer-based agents, in various forms, are becoming actively involved in our personal and professional decisions and deliberations. We interact with them; they interact with each other. In this paper we describe a broad Model Social Agent study where we explore how boundedly-rational agents with emotion behave across increasingly social contexts, and the impact of cooperation, trust, rumor, a...
متن کامل