Why Bother with What Others Tell You? An Experimental Data-Driven Agent-Based Model
This paper investigates the relevance of reputation to improve the explorative capabilities of agents in uncertain environments. We have presented a laboratory experiment where sixty-four subjects were asked to take iterated economic investment decisions. An agent-based model based on their behavioural patterns replicated the experiment exactly. Exploring this experimentally grounded model, we studied the effects of various reputational mechanisms on explorative capabilities at a systemic level. The results showed that reputation mechanisms increase the agents' capability for coping with uncertain environments more than individualistic atomistic exploration strategies, although the former does entail a certain amount of false information inside the system.
Volume (Year): 13 (2010)
Issue (Month): 3 ()
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