An evolutionary framework for studying behaviors of economic agents

Authors:
Wolfgang Ketter;Alexander Babanov;Maria Gini
Affiliations:
University of Minnesota, Duluth, MN;University of Minnesota, Duluth, MN;University of Minnesota, Duluth, MN
Venue:
AAMAS '03 Proceedings of the second international joint conference on Autonomous agents and multiagent systems
Year:
2003

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Artificial Life

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Abstract

We propose an evolutionary framework for studying agents that interact in electronic marketplaces and describe how to use the framework to study the dynamics of interaction and evolution of agent strategies. We present experimental results from a simulated market, where service providers compete for customers using multiple strategies. The results show how service providers of different strategies adapt to occupy distinct niches in the market.