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Why Bother with What Others Tell You? An Experimental Data-Driven Agent-Based Model

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Abstract

This paper investigates the relevance of reputation to improve the explorative capabilities of agents in uncertain environments. We have presented a laboratory experiment where sixty-four subjects were asked to take iterated economic investment decisions. An agent-based model based on their behavioural patterns replicated the experiment exactly. Exploring this experimentally grounded model, we studied the effects of various reputational mechanisms on explorative capabilities at a systemic level. The results showed that reputation mechanisms increase the agents\' capability for coping with uncertain environments more than individualistic atomistic exploration strategies, although the former does entail a certain amount of false information inside the system.

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File URL: http://jasss.soc.surrey.ac.uk/13/3/6/6.pdf
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Bibliographic Info

Article provided by Journal of Artificial Societies and Social Simulation in its journal Journal of Artificial Societies and Social Simulation.

Volume (Year): 13 (2010)
Issue (Month): 3 ()
Pages: 6

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Handle: RePEc:jas:jasssj:2009-79-2

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Related research

Keywords: Reputation; Trustworthiness; Laboratory Experiment; Agent-Based Model; Exploration Vs. Exploitation;

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Cited by:
  1. Ugo Merlone & Daren Sandbank & Ferenc Szidarovszky, 2013. "Equilibria analysis in social dilemma games with Skinnerian agents," Mind and Society: Cognitive Studies in Economics and Social Sciences, Fondazione Rosselli, vol. 12(2), pages 219-233, November.
  2. Grazzini, J., 2011. "Experimental Based, Agent Based Stock Market," CeNDEF Working Papers 11-07, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
  3. Marcel Ausloos & Herbert Dawid & Ugo Merlone, 2014. "Spatial interactions in agent-based modeling," Papers 1405.0733, arXiv.org.

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