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 ()
|Contact details of provider:|| |
When requesting a correction, please mention this item's handle: RePEc:jas:jasssj:2009-79-2. 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: (Flaminio Squazzoni)
If references are entirely missing, you can add them using this form.