Coordination in Transient Social Networks: An Agent-Based Computational Model of the Timing of Retirement
نویسندگان
چکیده
A model of retirement decision-making is described in which a relatively small number of agents are rational. Such agents behave as if they compute the optimal age at which to retire. A small proportion of agents retire at random. A majority of the population engages in imitative behavior. An imitative agent retires once a certain fraction of the agents in its social network have retired. The model is analyzed by agent-based computational techniques. It is demonstrated that high levels of optimal behavior can result in the aggregate despite low levels of individual rationality. © 1999 Brookings Institution † Robert L. Axtell is a fellow and Joshua M. Epstein is a senior fellow in Economic Studies at the Brookings Institution. Each is also a member of the Santa Fe Institute. They thank George Akerlof, Chris Carroll, Bob Hall, Peyton Young, and participants in the Brookings Work-In-Progress seminar. Research assistance from Trisha Brandon and David Hines is gratefully acknowledged. This research was partially supported by the National Science Foundation under grant IRI-9725302. Coordination in Transient Social Networks: An Agent-Based Computational Model of the Timing of Retirement Robert L. Axtell and Joshua M. Epstein† Center on Social and Economic Dynamics Working Paper No. 1 May 1999 An Agent-Based Model of Retirement Axtell and Epstein
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