IDEAS home Printed from https://ideas.repec.org/a/spr/jeicoo/v7y2012i2p209-221.html
   My bibliography  Save this article

Agent based model of a simple economy

Author

Listed:
  • Vladimír Gazda
  • Marek Gróf
  • Július Horváth
  • Matúš Kubák
  • Tomáš Rosival

Abstract

This article proposes a model of a simple economy based on a set of agent-based modeling principles. The model is based on the “trust game” formulated by Berg et al. (Games Econ Behav 10:122–142, 1995 ), and anticipates a random matching of partners taking in to account adaptive agent behavior. Simulation in the NetLogo programming environment, using profile distributions obtained from empirical studies, has shown the most successful agents to posses low parameters of trust in the role of Sender and high parameters of trustworthiness in the role of Receiver. Copyright Springer-Verlag 2012

Suggested Citation

  • Vladimír Gazda & Marek Gróf & Július Horváth & Matúš Kubák & Tomáš Rosival, 2012. "Agent based model of a simple economy," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 7(2), pages 209-221, October.
    • Handle: RePEc:spr:jeicoo:v:7:y:2012:i:2:p:209-221
    DOI: 10.1007/s11403-012-0097-2
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s11403-012-0097-2
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s11403-012-0097-2?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Greiner, Ben & Ockenfels, Axel & Werner, Peter, 2012. "The dynamic interplay of inequality and trust—An experimental study," Journal of Economic Behavior & Organization, Elsevier, vol. 81(2), pages 355-365.
    2. Chaim Fershtman & Uri Gneezy, 2001. "Discrimination in a Segmented Society: An Experimental Approach," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 116(1), pages 351-377.
    3. Engelmann, Dirk & Fischbacher, Urs, 2009. "Indirect reciprocity and strategic reputation building in an experimental helping game," Games and Economic Behavior, Elsevier, vol. 67(2), pages 399-407, November.
    4. Cochard, Francois & Nguyen Van, Phu & Willinger, Marc, 2004. "Trusting behavior in a repeated investment game," Journal of Economic Behavior & Organization, Elsevier, vol. 55(1), pages 31-44, September.
    5. Cox, James C., 2004. "How to identify trust and reciprocity," Games and Economic Behavior, Elsevier, vol. 46(2), pages 260-281, February.
    6. Edward L. Glaeser & David I. Laibson & José A. Scheinkman & Christine L. Soutter, 2000. "Measuring Trust," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(3), pages 811-846.
      • Glaeser, Edward Ludwig & Laibson, David I. & Scheinkman, Jose A. & Soutter, Christine L., 2000. "Measuring Trust," Scholarly Articles 4481497, Harvard University Department of Economics.
    7. Willinger, Marc & Keser, Claudia & Lohmann, Christopher & Usunier, Jean-Claude, 2003. "A comparison of trust and reciprocity between France and Germany: Experimental investigation based on the investment game," Journal of Economic Psychology, Elsevier, vol. 24(4), pages 447-466, August.
    8. Ben-Ner, Avner & Putterman, Louis, 2009. "Trust, communication and contracts: An experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 70(1-2), pages 106-121, May.
    9. James C. Cox & Cary A. Deck, 2006. "When Are Women More Generous than Men?," Economic Inquiry, Western Economic Association International, vol. 44(4), pages 587-598, October.
    10. Di Cagno, Daniela & Sciubba, Emanuela, 2010. "Trust, trustworthiness and social networks: Playing a trust game when networks are formed in the lab," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 156-167, August.
    11. Fiona Greig & Iris Bohnet, 2008. "Is There Reciprocity In A Reciprocal‐Exchange Economy? Evidence Of Gendered Norms From A Slum In Nairobi, Kenya," Economic Inquiry, Western Economic Association International, vol. 46(1), pages 77-83, January.
    12. Giorgio Coricelli & Luis González Morales & Amelie Mahlstedt, 2006. "The Investment Game With Asymmetric Information," Metroeconomica, Wiley Blackwell, vol. 57(1), pages 13-30, February.
    13. Stanton, Angela A., 2007. "Neural Substrates of Decision-Making in Economic Games," MPRA Paper 4030, University Library of Munich, Germany, revised 10 Jun 2007.
    14. Ananish Chaudhuri & Lata Gangadharan, 2007. "An Experimental Analysis of Trust and Trustworthiness," Southern Economic Journal, John Wiley & Sons, vol. 73(4), pages 959-985, April.
    15. Berg Joyce & Dickhaut John & McCabe Kevin, 1995. "Trust, Reciprocity, and Social History," Games and Economic Behavior, Elsevier, vol. 10(1), pages 122-142, July.
    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


    Cited by:

    1. Mitja Steinbacher & Matthias Raddant & Fariba Karimi & Eva Camacho Cuena & Simone Alfarano & Giulia Iori & Thomas Lux, 2021. "Advances in the agent-based modeling of economic and social behavior," SN Business & Economics, Springer, vol. 1(7), pages 1-24, July.
    2. Yang Hongtao & Li Haiyan, 2018. "Trust Cognition of Entrepreneurs’ Behavioral Consistency Modulates Investment Decisions of Venture Capitalists in Cooperation," Entrepreneurship Research Journal, De Gruyter, vol. 8(3), pages 1-15, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lisa Anderson & Jennifer Mellor & Jeffrey Milyo, 2006. "Induced heterogeneity in trust experiments," Experimental Economics, Springer;Economic Science Association, vol. 9(3), pages 223-235, September.
    2. Fabian Bornhorst & Andrea Ichino & Oliver Kirchkamp & Karl Schlag & Eyal Winter, 2010. "Similarities and differences when building trust: the role of cultures," Experimental Economics, Springer;Economic Science Association, vol. 13(3), pages 260-283, September.
    3. Johansson-Stenman, Olof & Mahmud, Minhaj & Martinsson, Peter, 2013. "Trust, trust games and stated trust: Evidence from rural Bangladesh," Journal of Economic Behavior & Organization, Elsevier, vol. 95(C), pages 286-298.
    4. Tamás Kovács & Marc Willinger, 2010. "Is there a relation between trust and trustworthiness?," Working Papers 10-03, LAMETA, Universtiy of Montpellier, revised Mar 2010.
    5. Cassar, Alessandra & Rigdon, Mary, 2011. "Trust and trustworthiness in networked exchange," Games and Economic Behavior, Elsevier, vol. 71(2), pages 282-303, March.
    6. Rattaphon Wuthisatian & Mark Pingle & Mark Nichols, 2017. "To support trust and trustworthiness: punish, communicate, both, neither?," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 1(1), pages 61-68, February.
    7. Giovanni Bartolomeo & Stefano Papa, 2016. "Trust and reciprocity: extensions and robustness of triadic design," Experimental Economics, Springer;Economic Science Association, vol. 19(1), pages 100-115, March.
    8. Lei, Vivian & Masclet, David & Vesely, Filip, 2014. "Competition vs. communication: An experimental study on restoring trust," Journal of Economic Behavior & Organization, Elsevier, vol. 108(C), pages 94-107.
    9. Ashraf, Nava & Bohnet, Iris & Piankov, Nikita, 2003. "Is Trust a Bad Investment?," Working Paper Series rwp03-047, Harvard University, John F. Kennedy School of Government.
    10. Johansson-Stenman, Olof, 2008. "Who are the trustworthy, we think?," Journal of Economic Behavior & Organization, Elsevier, vol. 68(3-4), pages 456-465, December.
    11. Alvin Etang & David Fielding & Stephen Knowles, 2011. "Does trust extend beyond the village? Experimental trust and social distance in Cameroon," Experimental Economics, Springer;Economic Science Association, vol. 14(1), pages 15-35, March.
    12. Rodriguez-lara, Ismael, 2015. "Equal distribution or equal payoffs? Reciprocity and inequality aversion in the investment game," MPRA Paper 63313, University Library of Munich, Germany.
    13. Póvoa, Angela Cristiane Santos & Pech, Wesley & Woiciekovski, Edinéia, 2020. "Trust and social preferences: A cross-cultural experiment," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 86(C).
    14. Brülhart, Marius & Usunier, Jean-Claude, 2004. "Verified Trust: Reciprocity, Altruism and Noise in Trust Games," CEPR Discussion Papers 4758, C.E.P.R. Discussion Papers.
    15. Ben-Ner, Avner & Putterman, Louis & Ren, Ting, 2011. "Lavish returns on cheap talk: Two-way communication in trust games," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(1), pages 1-13, February.
    16. Steffen Keck & Natalia Karelaia, 2012. "Does competition foster trust? The role of tournament incentives," Experimental Economics, Springer;Economic Science Association, vol. 15(1), pages 204-228, March.
    17. McEvily, Bill & Radzevick, Joseph R. & Weber, Roberto A., 2012. "Whom do you distrust and how much does it cost? An experiment on the measurement of trust," Games and Economic Behavior, Elsevier, vol. 74(1), pages 285-298.
    18. Robert Jiro Netzer & Matthias Sutter, 2009. "Intercultural trust. An experiment in Austria and Japan," Working Papers 2009-05, Faculty of Economics and Statistics, Universität Innsbruck.
    19. Calabuig, Vicente & Fatas, Enrique & Olcina, Gonzalo & Rodriguez-Lara, Ismael, 2016. "Carry a big stick, or no stick at all," Journal of Economic Psychology, Elsevier, vol. 57(C), pages 153-171.
    20. Bellemare, Charles & Kroger, Sabine, 2007. "On representative social capital," European Economic Review, Elsevier, vol. 51(1), pages 183-202, January.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:jeicoo:v:7:y:2012:i:2:p:209-221. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.