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Macro And Micro Dynamics In An Artificial Society: An Agent Based Approach

Author

Listed:
  • Thomas Fent

    (Vienna Institut of Demographz)

Abstract

This paper deals with artificial agents buying and selling products in a virtual market of goods that may be substituted for each other. On the demand side the market features a homogenous group of agents whose dynamics are determined by three different scenarios. The supply side, on the other hand, is heterogenous and contains two types of adaptive (learning) agents and two types of agents who do not learn but stick to their initially given strategy. It turns out that the success of the learning strategy is highly sensitive with respect to the dynamics of the demand side.

Suggested Citation

  • Thomas Fent, "undated". "Macro And Micro Dynamics In An Artificial Society: An Agent Based Approach," Modeling, Computing, and Mastering Complexity 2003 06, Society for Computational Economics.
  • Handle: RePEc:sce:cplx03:06
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    File URL: http://zai.ini.unizh.ch/www_complexity2003/doc/Paper_Fent.pdf
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    References listed on IDEAS

    as
    1. Erich Kutschinski & Thomas Uthmann & Daniel Polani, 2000. "A Decentralized Agent-Based Platform For Automated Trade And Its Simulation," Computing in Economics and Finance 2000 276, Society for Computational Economics.
    2. Tyagi, Rajeev K., 2001. "Cost leadership and pricing," Economics Letters, Elsevier, vol. 72(2), pages 189-193, August.
    3. Marengo, L, 1992. "Coordination and Organizational Learning in the Firm," Journal of Evolutionary Economics, Springer, vol. 2(4), pages 313-326, December.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    agent based modelling; product positioning; imperfect information; learning; imitating; learning classifier systems; genetic algorithms;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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