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Why Bother with What Others Tell You? An Experimental Data-Driven Agent-Based Model

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Abstract

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.

Suggested Citation

  • Riccardo Boero & Giangiacomo Bravo & Marco Castellani & Flaminio Squazzoni, 2010. "Why Bother with What Others Tell You? An Experimental Data-Driven Agent-Based Model," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 13(3), pages 1-6.
  • Handle: RePEc:jas:jasssj:2009-79-2
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    Cited by:

    1. Davide Secchi & Raffaello Seri, 2017. "Controlling for false negatives in agent-based models: a review of power analysis in organizational research," Computational and Mathematical Organization Theory, Springer, vol. 23(1), pages 94-121, March.
    2. Marcel Ausloos & Herbert Dawid & Ugo Merlone, 2014. "Spatial interactions in agent-based modeling," Papers 1405.0733, arXiv.org.
    3. Ugo Merlone & Daren Sandbank & Ferenc Szidarovszky, 2013. "Equilibria analysis in social dilemma games with Skinnerian agents," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 12(2), pages 219-233, November.
    4. Flaminio Squazzoni, 2010. "The impact of agent-based models in the social sciences after 15 years of incursions," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 18(2), pages 197-234.
    5. Grazzini, J., 2011. "Experimental Based, Agent Based Stock Market," CeNDEF Working Papers 11-07, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
    6. Ju-Sung Lee & Tatiana Filatova & Arika Ligmann-Zielinska & Behrooz Hassani-Mahmooei & Forrest Stonedahl & Iris Lorscheid & Alexey Voinov & J. Gary Polhill & Zhanli Sun & Dawn C. Parker, 2015. "The Complexities of Agent-Based Modeling Output Analysis," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 18(4), pages 1-4.
    7. Squazzoni, Flaminio & Gandelli, Claudio, 2012. "Saint Matthew strikes again: An agent-based model of peer review and the scientific community structure," Journal of Informetrics, Elsevier, vol. 6(2), pages 265-275.

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