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Agent-Based Models and Human Subject Experiments

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Author Info
John Duffy (University of Pittsburgh)

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Abstract

This paper considers the relationship between agent-based modeling and economic decision-making experiments with human subjects. Both approaches exploit controlled ``laboratory'' conditions as a means of isolating the sources of aggregate phenomena. Research findings from laboratory studies of human subject behavior have inspired studies using artificial agents in ``computational laboratories'' and vice versa. In certain cases, both methods have been used to examine the same phenomenon. The focus of this paper is on the empirical validity of agent-based modeling approaches in terms of explaining data from human subject experiments. We also point out synergies between the two methodologies that have been exploited as well as promising new possibilities.

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Paper provided by EconWPA in its series Computational Economics with number 0412001.

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Length: 52 pages
Date of creation: 09 Dec 2004
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Handle: RePEc:wpa:wuwpco:0412001

Note: Type of Document - pdf; pages: 52. Survey of agent-based models and human subject experiments
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Related research
Keywords: agent-based models; human subject experiments; zero- intelligence agents; learning; evolutionary algorithms;

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Find related papers by JEL classification:
C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
C9 - Mathematical and Quantitative Methods - - Design of Experiments

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Full references

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  1. Marco LiCalzi & Lucia Milone & Paolo Pellizzari, 2008. "Allocative efficiency and traders' protection under zero intelligence behavior," Working Papers 168, Department of Applied Mathematics, University of Venice, revised Nov 2009. [Downloadable!]
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