Macro And Micro Dynamics In An Artificial Society: An Agent Based Approach

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Macro And Micro Dynamics In An Artificial Society: An Agent Based Approach

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Thomas Fent (Vienna Institut of Demographz)

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Thomas Fent

Abstract

This paper deals with artificial agents buying and selling products in a virtual market of goods that may be substituted for each other. On the demand side the market features a homogenous group of agents whose dynamics are determined by three different scenarios. The supply side, on the other hand, is heterogenous and contains two types of adaptive (learning) agents and two types of agents who do not learn but stick to their initially given strategy. It turns out that the success of the learning strategy is highly sensitive with respect to the dynamics of the demand side.

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Paper provided by Society for Computational Economics in its series Modeling, Computing, and Mastering Complexity 2003 with number 06.

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Handle: RePEc:sce:cplx03:06

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Web page: http://zai.ini.unizh.ch/complexity2003/
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Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality
M31 - Business Administration and Business Economics; Marketing; Accounting - - Marketing and Advertising - - - Marketing

This paper has been announced in the following NEP Reports:

NEP-CBE-2003-07-21 (Cognitive & Behavioural Economics)
NEP-CMP-2003-07-21 (Computational Economics)
NEP-MAC-2003-07-21 (Macroeconomics)
NEP-MIC-2003-07-21 (Microeconomics)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Erich Kutschinski & Thomas Uthmann & Daniel Polani, 2000. "A Decentralized Agent-Based Platform For Automated Trade And Its Simulation," Computing in Economics and Finance 2000 276, Society for Computational Economics. [Downloadable!]
Marengo, L, 1992. "Coordination and Organizational Learning in the Firm," Journal of Evolutionary Economics, Springer, vol. 2(4), pages 313-26, December.
Tyagi, Rajeev K., 2001. "Cost leadership and pricing," Economics Letters, Elsevier, vol. 72(2), pages 189-193, August. [Downloadable!] (restricted)

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This page was last updated on 2009-12-2.

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