Modelling agent strategies in simulated market using iterated prisoner's dilemma

Authors:
Raymond Chiong
Affiliations:
School of IT & Multimedia, Swinburne University of Technology, Sarawak, Malaysia
Venue:
ICCSA'07 Proceedings of the 2007 international conference on Computational science and its applications - Volume Part III
Year:
2007

Citing 3
Cited 0

Prisoner's Dilemma

Prisoner's Dilemma
On Evolving Robust Strategies for Iterated Prisoner's Dilemma

AI '93/AI '94 Selected papers from the AI'93 and AI'94 Workshops on Evolutionary Computation, Process in Evolutionary Computation
Applying genetic algorithms to economy market using iterated prisoner's dilemma

Proceedings of the 2007 ACM symposium on Applied computing

Quantified Score

Hi-index	0.00

Visualization

Abstract

Computer-based simulations have been used extensively to model various economic problems in recent years. However, many of these studies are based on quantitative data that were taken at a certain point of time and thus could be deductive and inappropriate. This paper presents a unique agent based approach that places lower demand on data using Prisoner's Dilemma (PD), a classical non-zero sum game, to model the complexity within a market environment. We create a model with agents acting as firms to perform transactions among one another with chosen iterated PD (IPD) strategies. Our model shows that cooperation could emerge even though the simulated environment is highly variegated.