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Integration of Path-Dependency in a Simple Learning Model: The Case of Marine Resources

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  • Narine Udumyan

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  • Juliette Rouchier

    ()

  • Dominique Ami

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    Abstract

    Overexploitation of renewable resources, and more particularly fisheries, is often driven by the lack of information about the state and dynamics of the resource. A solution to this problem stemming from the resource users is proposed in this paper. We use an agent-based model composed of a bio-economic model of Gordon–Schaefer where agents make choices following a very simple learning model. We modify the Roth–Erev learning model so that agents explain their profit not only by current action but also by past action. This modification radically changes the dynamics of the resource use, which turns out to be sustainable. Copyright Springer Science+Business Media New York 2014

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    File URL: http://hdl.handle.net/10.1007/s10614-013-9375-x
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    Bibliographic Info

    Article provided by Society for Computational Economics in its journal Computational Economics.

    Volume (Year): 43 (2014)
    Issue (Month): 2 (February)
    Pages: 199-231

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    Handle: RePEc:kap:compec:v:43:y:2014:i:2:p:199-231

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    Web page: http://www.springerlink.com/link.asp?id=100248
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    Keywords: Natural resources; Agent-based simulation; Roth–Erev model; Incomplete information; Bioeconomic model of fishery;

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    1. Vriend, Nicolaas J., 2000. "An illustration of the essential difference between individual and social learning, and its consequences for computational analyses," Journal of Economic Dynamics and Control, Elsevier, vol. 24(1), pages 1-19, January.
    2. William A. Brock & Cars H. Hommes, 1997. "A Rational Route to Randomness," Econometrica, Econometric Society, vol. 65(5), pages 1059-1096, September.
    3. BenDor, Todd & Scheffran, Jürgen & Hannon, Bruce, 2009. "Ecological and economic sustainability in fishery management: A multi-agent model for understanding competition and cooperation," Ecological Economics, Elsevier, vol. 68(4), pages 1061-1073, February.
    4. Nicolaisen, James & Petrov, Valentin & Tesfatsion, Leigh S., 2001. "Market Power and Efficiency in a Computational Electricity Market with Discriminatory Double-Auction Pricing," Staff General Research Papers 2050, Iowa State University, Department of Economics.
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    6. Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
    7. Rustichini, Aldo, 1999. "Optimal Properties of Stimulus--Response Learning Models," Games and Economic Behavior, Elsevier, vol. 29(1-2), pages 244-273, October.
    8. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124.
    9. David Levhari & Leonard J. Mirman, 1980. "The Great Fish War: An Example Using a Dynamic Cournot-Nash Solution," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 322-334, Spring.
    10. Nicolaas J. Vriend, 2005. "ACE Models of Endogenous Interactions," Working Papers 542, Queen Mary, University of London, School of Economics and Finance.
    11. Jim Doran, 1998. "Simulating Collective Misbelief," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 1(1), pages 3.
    12. Rouchier, Juliette & Bousquet, Francois & Requier-Desjardins, Melanie & Antona, Martine, 2001. "A multi-agent model for describing transhumance in North Cameroon: Comparison of different rationality to develop a routine," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 527-559, March.
    13. Roth, Alvin E. & Erev, Ido, 1995. "Learning in extensive-form games: Experimental data and simple dynamic models in the intermediate term," Games and Economic Behavior, Elsevier, vol. 8(1), pages 164-212.
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