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Convergence of Income Growth Rates in Evolutionary Agent-Based Economics

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  • Volker Nannen

Abstract

We consider a heterogeneous agent-based economic model where economic agents have strictly bounded rationality and where income allocation strategies evolve through selective imitation. Income is calculated by a Cobb-Douglas type production function, and selection of strategies for imitation depends on the income growth rate they generate. We show that under these conditions, when an agent adopts a new strategy, the effect on its income growth rate is immediately visible to other agents, which allows a group of imitating agents to quickly adapt their strategies when needed.

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File URL: http://arxiv.org/pdf/1009.2721
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Paper provided by arXiv.org in its series Papers with number 1009.2721.

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Date of creation: Sep 2010
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Handle: RePEc:arx:papers:1009.2721

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Web page: http://arxiv.org/

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