Modelling greed of agents in economical context

Authors:
Tibor Bosse;Ghazanfar F. Siddiqui;Jan Treur
Affiliations:
Vrije Universiteit Amsterdam, Department of Artificial Intelligence, Amsterdam, The Netherlands;Vrije Universiteit Amsterdam, Department of Artificial Intelligence, Amsterdam, The Netherlands and Quaid-i-Azam University Islamabad, Department of Computer Science, Pakistan;Vrije Universiteit Amsterdam, Department of Artificial Intelligence, Amsterdam, The Netherlands
Venue:
IEA/AIE'10 Proceedings of the 23rd international conference on Industrial engineering and other applications of applied intelligent systems - Volume Part II
Year:
2010

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Abstract

A classical debate in economics addresses the advantages and drawbacks of modelling from a macroeconomics perspective as opposed to modelling from a microeconomics perspective. Form the latter psychological aspects at an individual level can be taken into account in a differentiated manner. Within computer science and AI, a similar debate exists about the differences between agent-based and population-based modelling. This paper aligns both debates by exploring the differences and commonalities between populationbased and agent-based modelling in economical context. A case study is performed on the interplay between individual greed as a psychological concept and global economical concepts. It is shown that under certain conditions agentbased and population-based simulations show similar results.