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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
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    References listed on IDEAS

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    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.
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    Cited by:

    1. Anna Klabunde, 2016. "How much should an investor trust the startup entrepreneur? A network model," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 11(2), pages 293-312, October.

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