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An Algorithm for the Simulation of Bounded Rational Agents

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  • Schuster, Stephan

Abstract

Non-classical models of economic behaviour, usually summarised under the notion of 'Bounded Rationality' criticise the assumptions of the standard economic model - hyperrationality, perfect and costless information, and unlimited mental processing capabilities. However, alternative approaches have either remained very simple or purely descriptive. Here, a computational approach is presented based on Simon's concept of bounded rationality and satisficing as a compromise between the oversimplification of analytical and the descriptiveness of rich cognitive models.

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File URL: http://mpra.ub.uni-muenchen.de/15942/
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File URL: http://mpra.ub.uni-muenchen.de/19683/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15942.

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Date of creation: 27 Jun 2009
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Handle: RePEc:pra:mprapa:15942

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Related research

Keywords: agent based modelling; bounded rationality; reinforcement learning; rule extraction;

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  1. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  2. LeBaron, Blake & Arthur, W. Brian & Palmer, Richard, 1999. "Time series properties of an artificial stock market," Journal of Economic Dynamics and Control, Elsevier, vol. 23(9-10), pages 1487-1516, September.
  3. Herbert Simon, 2000. "Bounded rationality in social science: Today and tomorrow," Mind and Society: Cognitive Studies in Economics and Social Sciences, Fondazione Rosselli, vol. 1(1), pages 25-39, March.
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Cited by:
  1. Nicolas Marciales Parra, 2013. "A mathematical model for consumers based on aspiration adaptation theory and bounded rationality," Review of Applied Socio-Economic Research, Pro Global Science Association, vol. 5(1), pages 136-143, June.

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