Macro And Micro Dynamics In An Artificial Society: An Agent Based Approach
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.
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- Tyagi, Rajeev K., 2001. "Cost leadership and pricing," Economics Letters, Elsevier, vol. 72(2), pages 189-193, August.
- Marengo, L, 1992. "Coordination and Organizational Learning in the Firm," Journal of Evolutionary Economics, Springer, vol. 2(4), pages 313-26, December.
- 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.
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