Minority Games: Interacting Agents in Financial Markets (Oxford Finance Series)
Minority Games: Interacting Agents in Financial Markets (Oxford Finance Series)
Case-based knowledge and induction
IEEE Transactions on Systems, Man, and Cybernetics, Part A: Systems and Humans
Information integration via hierarchical and hybrid bayesian networks
IEEE Transactions on Systems, Man, and Cybernetics, Part A: Systems and Humans
New tools for decision analysts
IEEE Transactions on Systems, Man, and Cybernetics, Part A: Systems and Humans
A New Measurement of Systematic Similarity
IEEE Transactions on Systems, Man, and Cybernetics, Part A: Systems and Humans
Expert Systems with Applications: An International Journal
Expert Systems with Applications: An International Journal
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We evaluate repeated decisions of individuals using a variant of the case-based decision theory (CBDT), where individuals base their decisions on their own past experience and the experience of neighboring individuals. Looking at a range of scenarios to determine the successful outcome of a decision, we find that for learning to occur, agents must have a sufficient number of neighbors to learn from and access to sufficiently independent information. If these conditions are not fulfilled, we can easily observe herding in cases where no best decision exists.