Advanced Search
MyIDEAS: Login

Diversity and Optimality

Contents:

Author Info

  • Lu Hong
  • Scott E. Page
Registered author(s):

    Abstract

    In this paper, we construct a general model of diverse problem solvers of limited abilities. We use this model to derive two main results: (1) a collection of diverse, bounded problem solvers can locate optimal solutions to difficult problems and (2) a collection of problem solvers of diverse abilities tends to jointly outperform a collection of high ability problem solvers, where a problem solver's ability equals her expected individual problem. Submitted to: American Economic Review.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.santafe.edu/sfi/publications/Working-Papers/98-08-077E.ps
    Our checks indicate that this address may not be valid because: 404 NOT FOUND (http://www.santafe.edu/sfi/publications/Working-Papers/98-08-077E.ps [301 MOVED PERMANENTLY]--> http://www.santafe.edu/sfi/publications/Working-Papers/98-08-077E.ps/). If this is indeed the case, please notify (Thomas Krichel)
    Download Restriction: no

    File URL: http://www.santafe.edu/sfi/publications/Working-Papers/98-08-077E.pdf
    Our checks indicate that this address may not be valid because: 404 NOT FOUND (http://www.santafe.edu/sfi/publications/Working-Papers/98-08-077E.pdf [301 MOVED PERMANENTLY]--> http://www.santafe.edu/sfi/publications/Working-Papers/98-08-077E.pdf/). If this is indeed the case, please notify (Thomas Krichel)
    Download Restriction: no

    Bibliographic Info

    Paper provided by Santa Fe Institute in its series Research in Economics with number 98-08-077e.

    as in new window
    Length:
    Date of creation: Aug 1998
    Date of revision:
    Handle: RePEc:wop:safire:98-08-077e

    Contact details of provider:
    Postal: 1399 Hyde Park Road, Santa Fe, New Mexico 87501
    Web page: http://www.santafe.edu/sfi/publications/working-papers.html
    More information through EDIRC

    Related research

    Keywords: Diversity; bounded rationality;

    References

    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.:
    as in new window
    1. Page, Scott E, 1996. "Two Measures of Difficulty," Economic Theory, Springer, vol. 8(2), pages 321-46, August.
    2. Scott E. Page, 1996. "Two measures of difficulty (*)," Economic Theory, Springer, vol. 8(2), pages 321-346.
    3. Ehud Kalai & William Stanford, 1986. "Finite Rationality and Interpersonal Complexity in Repeated Games," Discussion Papers 679, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    4. Ariel Rubinstein, 1997. "Finite automata play the repeated prisioners dilemma," Levine's Working Paper Archive 1639, David K. Levine.
    5. Gilboa, Itzhak, 1988. "The complexity of computing best-response automata in repeated games," Journal of Economic Theory, Elsevier, vol. 45(2), pages 342-352, August.
    6. Marimon, Ramon & McGrattan, Ellen & Sargent, Thomas J., 1990. "Money as a medium of exchange in an economy with artificially intelligent agents," Journal of Economic Dynamics and Control, Elsevier, vol. 14(2), pages 329-373, May.
    7. Radner, Roy, 1993. "The Organization of Decentralized Information Processing," Econometrica, Econometric Society, vol. 61(5), pages 1109-46, September.
    8. W. Bentley MacLeod, 1996. "Decision, Contract and Emotion: Some Economics for a Complex and Confusing World," Boston College Working Papers in Economics 336., Boston College Department of Economics.
    9. Miller, John H., 1996. "The coevolution of automata in the repeated Prisoner's Dilemma," Journal of Economic Behavior & Organization, Elsevier, vol. 29(1), pages 87-112, January.
    10. Arifovic, Jasmina, 1994. "Genetic algorithm learning and the cobweb model," Journal of Economic Dynamics and Control, Elsevier, vol. 18(1), pages 3-28, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Marengo, Luigi & Pasquali, Corrado, 2006. "Non rivalry and complementarity in computer software," MPRA Paper 25589, University Library of Munich, Germany.
    2. Alberto Alesina & Eliana La Ferrara, 2004. "Ethnic Diversity and Economic Performance," NBER Working Papers 10313, National Bureau of Economic Research, Inc.

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:wop:safire:98-08-077e. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.