Towards a Descriptive Model of Agent Strategy Search

  • Authors:
  • Bruce Edmonds

  • Affiliations:
  • Centre for Policy Modelling, Faculty of Management and Business, Manchester Metropolitan University, Aytoun Building, Aytoun Street, Manchester, M1 3GH, UK/ E-mail: b.edmonds@mmu.ac.uk

  • Venue:
  • Computational Economics
  • Year:
  • 2001

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Abstract

It is argued that, due to the complexity of most economic phenomena, thechancesof deriving correct models from a priori principles are very small. Instead,a more descriptiveapproach to modelling should be pursued. Agent-based modelling ischaracterised as a step in thisdirection. However many agent-based models use off-theshelf algorithms fromcomputer sciencewithout regard to their descriptive accuracy. This paper attempts an agentmodel that describesas accurately as possible the behaviour of subjects reported in Sonnemans(1998). It takes aframework for learning that is compatible with thinking in cognitive sciencewithin thisframework attempts to identify the specific process that matchs the behaviourof the subjects.This suggests further modelling improvements and experiments.