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Displaying results 1 to 25 of 108.

  1. Augmented Humanity : Being and Remaining Agentic in a Digitalized World
    Author: Bryant, Peter T.
    Published: 2021
    Publisher:  Springer Nature

    This open access book will examine the implications of digitalization for the understanding of humanity, conceived as a community of intelligent agency. It addresses important topics across a range of social and behavioral theories and identifies a... more

     

    This open access book will examine the implications of digitalization for the understanding of humanity, conceived as a community of intelligent agency. It addresses important topics across a range of social and behavioral theories and identifies a range of novel mechanisms and their social behavioral effects. Across the book, the author highlights the expansion of intelligent processing capability brought about by digitalization and the challenges this exposes for integrating artificial and human capabilities. It includes the altered effects of bounded rationality in problem solving and decision making; related changes in the perception of rationality, plus novel myopias and biases. It also seeks to address cognitive intersubjectivity, learning from performance and agentic self-generation; and the novel methods and patterns of reasoned thought which emerge in a digitalized world; and how these mechanisms will combine in making and remaking the world of human experience and understanding. This book examines the problematics and prospects for digitally augmented humanity. In doing so, it maps the terrain for a future science of augmented agency. It will have cross-disciplinary appeal to students and scholars of applied psychology, cognitive and behavioral science, organizational psychology and management, business, finance, and digital cultures and humanities.

     
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  2. Beyond "bounded rationality"
    behaviours and learning in complex evolving worlds
    Author: Dosi, Giovanni; Faillo, Marco; Marengo, Luigi
    Published: [2018]
    Publisher:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    This work challenges the very notion of bounded rationality as dangerously too near to some "unbounded rationality" used as a benchmark. Should we assume that there is an "unbounded" rationality as a benchmark? Should one start, in order to describe... more

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    This work challenges the very notion of bounded rationality as dangerously too near to some "unbounded rationality" used as a benchmark. Should we assume that there is an "unbounded" rationality as a benchmark? Should one start, in order to describe and interpret human behaviour, from a model which assumes that we, human beings, have complete and well-defined knowledge of our preferences, all possible states of the world, all possible actions (our "technologies"), the mappings among them, and then look for possible "bounds" and "biases"? Our answer is negative. Rather, the question should be: how do human agents and organizations thereof actually behave in complex and changing environments? Answering this question, we suggest, entails also a significant departure from what is now accepted as behavioural economics, often meant as the analysis of more or less significant deviations from the "Olympic rationality". On the contrary, we suggest, human beings and human organizations behave quite distinctively from the prescriptive model derived from the axioms of rationality.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/203079
    Series: LEM working paper series ; 2018, 26 (August 2018)
    Subjects: bounded rationality; heuristics; cognition; memory
    Scope: 1 Online-Ressource (circa 23 Seiten)
  3. Over- and underreaction to information
    the role of complexity in belief-updating
    Author: Ba, Cuimin; Bohren, J. Aislinn; Imas, Alex
    Published: 11 October 2024
    Publisher:  Centre for Economic Policy Research, London

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP19576
    Subjects: overreaction; underreaction; beliefs; noisy cognition; representa-tiveness; bounded rationality; attention; mental representation; completeness; restrictiveness; behavioral economics; learning; forecasting; inference
    Scope: 1 Online-Ressource (circa 113 Seiten), Illustrationen
  4. Dynamic voluntary contribution to a public good
    learning to be a free rider
    Author: Clemens, Christiane; Riechmann, Thomas
    Published: März 2001
    Publisher:  [Fachbereich Wirtschaftswissenschaften, Universität Hannover], [Hannover]

    This paper explores the question whether boundedly rational agents learn to behave optimally when asked to voluntarily contribute to a public good. The decision process of individuals is described by an Evolutionary Algorithm. We analyze the learning... more

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    This paper explores the question whether boundedly rational agents learn to behave optimally when asked to voluntarily contribute to a public good. The decision process of individuals is described by an Evolutionary Algorithm. We analyze the learning process of purely and impurely altruistic agents and find that in both cases the contribution level converges towards the Nash equilibrium although, with pure altruism, exact free rider-behavior is never observed. The latter result corresponds to findings from experiments on voluntary contribution to a public good. Crucial determinants of the learning process are the population size and the propensity to experiment.

     
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    Other identifier:
    hdl: 10419/78301
    Series: Diskussionspapier / [Fachbereich Wirtschaftswissenschaften, Universität Hannover] ; Nr. 240
    Subjects: Öffentliche Güter; Begrenzte Rationalität; Trittbrettfahrerverhalten; Lernprozess; Theorie; Evolutionäre Spieltheorie; Genetische Algorithmen; bounded rationality; evolutionary games; experiments; learning; public goods
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  5. Volatility clustering
    a nonlinear theoretical approach
    Author: He, Xue-zhong; Li, Kai; Wang, Chuncheng
    Published: [2015]
    Publisher:  Quantitative Finance Research Centre, University of Technology Sydney, Sydney

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    Series: Research paper / Quantitative Finance Research Centre, University of Technology Sydney ; 365 (November 2015)
    Subjects: volatility clustering; fundamentalists and trend followers; bounded rationality; stability; coexisting attractors
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  6. Social learning with model misspeciification
    a framework and a robustness result
    Author: Bohren, J. Aislinn; Hauser, Daniel
    Published: July 1, 2018
    Publisher:  Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, Philadelphia, PA

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    Media type: Book
    Format: Online
    Series: PIER working paper ; 18, 017
    Subjects: Social learning; model misspecification; bounded rationality
    Scope: 1 Online-Ressource (circa 103 Seiten), Illustrationen
  7. Partial Language Competence
    Author: Hagenbach, Jeanne; Koessler, Frédéric
    Published: [2019]
    Publisher:  Paris-Jourdan Sciences Economiques, Paris

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    Format: Online
    Series: Working paper / Paris School of Economics ; no 2019, 06
    Subjects: Analogy-based expectations; Bayesian solution; bounded rationality; cheaptalk; language; pure persuasion; strategic information transmission
    Scope: 1 Online-Ressource (circa 29 Seiten)
  8. Beyond quantified ignorance
    rebuilding rationality without the bias bias
    Author: Brighton, Henry
    Published: [2019]
    Publisher:  Kiel Institute for the World Economy, Kiel

    If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely unquantifiable, where do we end up? In this article the author argues that we arrive at a statistical, normative, and cognitive theory... more

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    If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely unquantifiable, where do we end up? In this article the author argues that we arrive at a statistical, normative, and cognitive theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a formal implication of quantified uncertainty rather than an ecologically meaningful objective, the rationality question shifts from being axiomatic/probabilistic in nature to being algorithmic/ predictive in nature. These distinct views on rationalitymirror fundamental and longstanding divisions in statistics.

     
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    hdl: 10419/194877
    Series: Array ; no. 2019, 25 (March 15, 2019)
    Subjects: Cognitive science; rationality; ecological rationality; bounded rationality; bias bias; bias/variance dilemma; Bayesianism; machine learning; pattern recognition; decision making under uncertainty; unquantifiable uncertainty
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  9. Adverse selection and credit certificates
    evidence from a P2P platform
    Author: Hu, Maggie Rong; Li, Xiaoyang; Shi, Yang
    Published: [2019]
    Publisher:  Asian Development Bank Institute, Tokyo, Japan

    Certificates are widely used as a signaling mechanism to mitigate adverse selection when information is asymmetric. To reduce information asymmetry between lenders and borrowers, Chinese peer-to-peer (P2P) lending platforms encourage borrowers to... more

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    Certificates are widely used as a signaling mechanism to mitigate adverse selection when information is asymmetric. To reduce information asymmetry between lenders and borrowers, Chinese peer-to-peer (P2P) lending platforms encourage borrowers to obtain various kinds of credit certificates. As P2P markets continue to develop, it is plausible that certification may play a pivotal role in ensuring investment efficiency. We perform the first empirical investigation of this issue, using unique data from Renrendai, one of the People's Republic of China's largest P2P lending platforms. We find that surprisingly, loans with more credit certificates experience a higher rate of delinquency and default. However, lenders remain attracted by higher certificates despite lower loan performance ex post, which results in distorted capital allocation and reduced investment inefficiency. Overall, we document a setting where credit certificates fail to serve as an accurate signal due to their costless nature, where poor-quality borrowers use more certificates to boost their credit profiles and improve their funding success. Possible explanations for this phenomenon include differences in marginal benefit of certificates for different borrower types, bounded rationality, cognitive simplification, and borrower myopia.

     
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    Other identifier:
    hdl: 10419/222709
    Series: ADBI working paper series ; no. 942 (April 2019)
    Subjects: P2P lending; credit allocation; adverse selection; certificate; bounded rationality; cognitive simplification
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  10. Experimental stock market dynamics
    excess bids, directional learning, and adaptive styleinvesting in a call-auction with multiple multiperiod lived assets
    Author: Selten, Reinhard; Neugebauer, Tibor
    Published: [2018]
    Publisher:  [University of Luxembourg, Faculty of Law, Economics and Finance, Luxembourg School of Finance], [Luxembourg]

    We study the behavioral dynamics of limit orders in simultaneous experimental call-auction markets with multiple multiperiod lived securities. As analytical decision variable we use excess bids; the number of submitted bids minus the number of... more

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    We study the behavioral dynamics of limit orders in simultaneous experimental call-auction markets with multiple multiperiod lived securities. As analytical decision variable we use excess bids; the number of submitted bids minus the number of offers. The feedback variable is (excess) return. Our results suggest that excess bids are predictive of qualitative asset returns, and that excess bids are formed in an adaptive way. We conclude that the price trend or reversal is reinforced by rejected excess bids and the fundamental laws of demand and supply instigate a regression to the mean. Our analysis of portfolio adjustment dynamics which is based on learning direction theory shows that adaptive value-style investing and path-dependence explain a significant share of individual behavior

     
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    Source: Union catalogues
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    Series: LSF research working paper series ; 2018, 4
    Subjects: call market experiment; market dynamics; excess bids; bounded rationality; adaptation; style-investing; learning direction theory
    Scope: 1 Online-Ressource (circa 38 Seiten)
  11. Heterogeneous agent models in finance
    Author: Dieci, Roberto; He, Xue-zhong
    Published: [2018]
    Publisher:  Quantitative Finance Research Centre, University of Technology Sydney, Sydney

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    Series: Research paper / Quantitative Finance Research Centre ; 389 (January 2018)
    Subjects: Heterogeneity; bounded rationality; heterogeneous agent-based models; stylized facts; asset pricing; housing bubbles; limit order markets; information efficiency; comovement
    Scope: 1 Online-Ressource (circa 96 Seiten), Illustrationen
  12. An economy of neural networks
    learning from heterogeneous experiences
    Author: Kuriksha, Artem
    Published: November 19, 2021
    Publisher:  Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, Philadelphia, PA

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    Series: PIER working paper ; 21, 027
    Subjects: heterogeneous experiences; rational expectations; bounded rationality; policy learning; artificial intelligence
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  13. Cognitive skills, strategic sophistication, and life outcomes
    Author: Fe, Eduardo; Gill, David; Prowse, Victoria
    Published: 2021
    Publisher:  [Krannert School of Management, Purdue University, Institute for Research in the Behavioral, Economic, and Management Sciences], [West Lafayette, Indiana]

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    Source: Union catalogues
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    Format: Online
    Edition: This version: July 22, 2021
    Series: Purdue University Economics Department working paper ; no. 1329
    Subjects: Cognitive skills; theory-of-mind; cognitive ability; fluid intelligence; children; experiment; strategic sophistication; level-k; bounded rationality; non-equilibrium thinking; intentions; gift-exchange game; competitive game; strategic game; ALSPAC; social skills; adult outcomes; life outcomes; education; fertility; labor market; wages; employment; schoolspending; childhoodintervention
    Scope: 1 Online-Ressource (circa 133 Seiten), Illustrationen
  14. Naive calibration
    Author: Antler, Yair; Bachi, Benjamin
    Published: 27 May 2022
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17329
    Subjects: Selection Bias; bounded rationality; Misspecified models
    Scope: 1 Online-Ressource (circa 26 Seiten)
  15. Consumer credit card choice
    costs, benefits and behavioural biases
    Author: Doyle, Mary-Alice
    Published: October 2018
    Publisher:  Reserve Bank of Australia, [Sydney]

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    Source: Union catalogues
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    Series: Research discussion paper / Reserve Bank of Australia ; RDP 2018, 11
    Subjects: bounded rationality; switching behaviour; optimism bias; optimal credit card choice; present bias; retail payments
    Scope: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  16. Relative investor sentiment measurement
    Author: Gao, Xiang; Walther, Thomas; Wang, Zhan
    Published: [2022]
    Publisher:  U.S.E. Research Institute, Utrecht, The Netherlands

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    Series: U.S.E. working paper series ; nr: 22, 05
    Subjects: sentiment; emotional bias; cognitive error; bounded rationality; preservers; accumulators; momentum; return predictability
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  17. The agenda for evolutionary economics
    results, dead ends, and challenges ahead
    Author: Dosi, Giovanni
    Published: [2022]
    Publisher:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    This essay outlines the evolutionary research agenda thoroughly explored in its microeconomic aspects in the forthcoming Manual, The Foundations of Complex Evolving Economies. Part One: Innovation, Organization and Industrial Dynamics, Oxford... more

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    This essay outlines the evolutionary research agenda thoroughly explored in its microeconomic aspects in the forthcoming Manual, The Foundations of Complex Evolving Economies. Part One: Innovation, Organization and Industrial Dynamics, Oxford University Press, 2023. But is there an ''evolutionary paradigm'', in the first place? And if yes, what is it? In brief, in such a paradigm, the economy is interpreted as a complex evolving system. In that, a wide set of techno-economic phenomena are understood as emergent properties - outcomes of far-from-equilibrium interactions among heterogeneous agents - characterized by endogenous preferences, most often ''boundedly rational'' - but always capable of learning, adapting, and innovating with respect to their understandings of the world in which they operate, the technologies they master, their organizational forms, and their behavioral repertoires. All that involves some crucial properties. First, if the entities are genuinely evolving, new elements, new technologies, new organizational forms, new patterns of interaction are bound to appear along the course of evolution. Second, evolution is a multi-scale phenomenon. This is a fundamental property of biological evolution, and even more so is the evolution of economies and whole societies, nested in different institutions - possibly evolving at different paces, and coupled with technological and organizational changes. Third, but relatedly, economies are complex interactive systems. Interaction generally implies emergence. There is no isomorphism between macroscopic phenomena, say, the dynamics of industries, markets, and whole economies, on the one hand, and the behaviours of individual entities, on the other. More is different (Anderson, 1972). Fourth, complexity is intimately linked with non-linearities, and thus multiple possible dynamical paths. History counts. And this, even more so, in socio-economic environments characterized by knowledge accumulation. Knowledge builds upon itself, thus involving what economists in their jargon call dynamic increasing returns. As summarized in this essays Part One of the Manual addresses in the foregoing perspective, (i) Innovation and technological evolution; (ii) The theory of the firm in evolving environments; (iii) The formalization of learning processes; (iv) the theory of production; (v) consumption patterns; (vi) economic interactions and the working of markets; and, (vii) The ensuing structures and evolution of industries. Further in this essay we sketch some fundamental topics of the macroeconomic and developmental research ahead, which we mean to explore in Part Two of the Manual, in progress. At the same time the reader is warned against multiple risks of ''normalization'' by which 'evolution' is reduced to sheer 'innovation', and the latter is handled by standard econometric instruments, which are inevitably bound to largely neglect, among other features, the emergence of novelty, coupled dynamics, profound heterogeneities at all levels, and various forms of complementarities.

     
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    hdl: 10419/273626
    Series: LEM working paper series ; 2022, 24 (September 2022)
    Subjects: Economic evolution; complex systems; technological and organizational innovation; heterogeneity; market processes; bounded rationality; organizational capabilities; routines and heuristics; theory of production; industrial structures
    Scope: 1 Online-Ressource (circa 25 Seiten)
  18. Telling schools apart
    the role of preferences, constraints, and the ability to differentiate between schools in parents' choices = Comparando escuelas
    Author: Amador, Diego; Castro, Juan-Andrés; Grau, Nicolás
    Published: [2019]
    Publisher:  CEDE, Centro de Estudios sobre Desarrollo Económico, Bogotá, D.C., Colombia

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    Series: Documentos CEDE ; 2019, no. 23 (julio de 2019)
    Subjects: School choice; structural estimation; bounded rationality; education systems
    Scope: 53 Seiten
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  19. Associative memory and belief formation
    Author: Enke, Benjamin; Schwerter, Frederik; Zimmermann, Florian
    Published: [2019]
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper experimentally studies the role of associative memory for belief formation. Realworld information signals are often embedded in memorable contexts. Thus, today’s news, and the contexts they are embedded in, may cue the selective retrieval... more

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    This paper experimentally studies the role of associative memory for belief formation. Realworld information signals are often embedded in memorable contexts. Thus, today’s news, and the contexts they are embedded in, may cue the selective retrieval of similar past news and hence contribute to the widely documented pattern of expectation overreaction. Based on a stylized version of models of associative memory in the literature, we develop a simple and tightly controlled experimental setup in which participants observe sequences of news about the stock market value of hypothetical companies. Here, identical types of news are associated with identical stories and images. In this setup, participants’ expectations strongly overreact to recent news. We successfully verify the model’s predictions about how the magnitude of overreaction should depend on the history of news. For example, once today’s news are associated with the stories and images of previous opposite news, expectations systematically underreact. By exogenously manipulating the scope for imperfect and associative recall in our setup, we further provide direct causal evidence for the role of memory in belief formation and overreaction. Finally, we use our experimental data to estimate the model parameters that govern the strength of imperfect and associative recall over different time horizons.

     
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    Other identifier:
    hdl: 10419/207307
    Series: Array ; no. 7916 (October 2019)
    Subjects: beliefs; expectations; memory; bounded rationality
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  20. Facilitating healthy dietary habits
    an experiment with a low income population
    Author: Belot, Michèle; James, Jonathan G.; Spiteri, Jonathan
    Published: October 2019
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We investigate whether short-term everyday stressors leads to unhealthier dietary choices among low socioeconomic status mothers. We propose a novel stress protocol that aims to mimic everyday stressors experienced by this population, involving time... more

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    We investigate whether short-term everyday stressors leads to unhealthier dietary choices among low socioeconomic status mothers. We propose a novel stress protocol that aims to mimic everyday stressors experienced by this population, involving time and financial pressure. We evaluate the impact of stress on immediate and planned food choices, comparing a group exposed to our stress protocol relative to a control group. Immediate consumption is measured with in-laboratory consumption of low calorie and high calorie snacks; planned consumption is measured with an incentivized food shopping task. The stressfulness of the stress protocol is evaluated using subjective assessments, as well as physiological measurements (heart rate and salivary cortisol levels). We find no evidence of an effect of stress on the nutritional content of immediate or planned food consumption, thus no support for the hypothesis that everyday stressors are a likely explanation for unhealthy food choices.

     
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    Other identifier:
    hdl: 10419/207499
    Series: Discussion paper series / IZA ; no. 12675
    Subjects: health risks; dietary habits; bounded rationality; heuristics; information; time availability; laboratory experiments
    Scope: 1 Online-Ressource (circa 71 Seiten), Illustrationen
  21. Bundlers dilemmas in financial markets with sampling investors
    Author: Bianchi, Milo; Jehiel, Philippe
    Published: [2019]
    Publisher:  Toulouse School of Economics, [Toulouse]

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    Language: English
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    Series: Working papers / Toulouse School of Economics ; no 1041 (October 2019)
    Subjects: complex financial products; bounded rationality; disagreement; market efficiency; sampling
    Scope: 1 Online-Ressource (circa 48 Seiten)
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    Die Zählung sollte lauten: no 1042
  22. Analyzing learning effects in the newsvendor model by probabilistic methods
    Author: Andersson, Jonas; Jörnsten, Kurt O.; Lillestøl, Jostein; Ubøe, Jan
    Published: October 2019
    Publisher:  Norwegian School of Economics, Bergen

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    Language: English
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    Other identifier:
    hdl: 11250/2621571
    Series: Discussion paper / Department of Business and Management Science ; 2019, 13
    Subjects: Behavioral OR; experimental economics; bounded rationality; probabilistic methods; pull-to-center effect
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  23. What you see is all there is
    Author: Enke, Benjamin
    Published: February 2020
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    News reports and communication are inherently constrained by space, time, and attention. As a result, news sources often condition the decision of whether to share a piece of information on the similarity between the signal and the prior belief of... more

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    News reports and communication are inherently constrained by space, time, and attention. As a result, news sources often condition the decision of whether to share a piece of information on the similarity between the signal and the prior belief of the audience, which generates a sample selection problem. This paper experimentally studies how people form beliefs in these contexts, in particular the mechanisms behind errors in statistical reasoning. I document that a substantial fraction of experimental participants follows a simple "what you see is all there is" heuristic, according to which they exclusively take into account information that is right in front of them, and directly use the sample mean to estimate the population mean. A series of treatments aimed at identifying mechanisms suggests that for many participants unobserved signals do not even come to mind. I provide causal evidence that the frequency of such incorrect mental models is a function of the computational complexity of the decision problem. These results point to the context-dependence of what comes to mind and the resulting errors in belief updating.

     
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    hdl: 10419/216527
    Series: CESifo working paper ; no. 8131 (2020)
    Subjects: bounded rationality; mental models; complexity; beliefs
    Scope: 1 Online-Ressource (circa 79 Seiten), Illustrationen
  24. Statistical foundations of ecological rationality
    Author: Brighton, Henry
    Published: 2020
    Publisher:  [Kiel Inst. for the World Economy], [Kiel]

    If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely unquantifiable, where do we end up? In this article the author argues that we arrive at a statistical, normative, and cognitive theory... more

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    If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely unquantifiable, where do we end up? In this article the author argues that we arrive at a statistical, normative, and cognitive theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a formal implication of quantified uncertainty rather than an ecologically meaningful objective, the rationality question shifts from being axiomatic/probabilistic in nature to being algorithmic/predictive in nature. These distinct views on rationality mirror fundamental and long-standing divisions in statistics

     
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    Other identifier:
    hdl: 10419/213846
    Series: Economics ; vol. 14, 2020-2
    Subjects: Cognitive science; rationality; ecological rationality; bounded rationality; bias bias; bias/variance dilemma; Bayesianism; machine learning; pattern recognition; decision making under uncertainty; unquantifiable uncertainty
    Scope: 1 Online-Ressource (32 Seiten), Illustrationen
  25. A note on observational equivalence of micro assumptions on macro level
    Author: Ponomarenko, Alexey
    Published: 2020
    Publisher:  [Kiel Inst. for the World Economy], [Kiel]

    The author set up a simplistic agent-based model where agents learn with reinforcement observing an incomplete set of variables. The model is employed to generate an artificial dataset that is used to estimate standard macro econometric models. The... more

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    The author set up a simplistic agent-based model where agents learn with reinforcement observing an incomplete set of variables. The model is employed to generate an artificial dataset that is used to estimate standard macro econometric models. The author shows that the results are qualitatively indistinguishable (in terms of the signs and significances of the coefficients and impulse-responses) from the results obtained with a dataset that emerges in a genuinely rational system.

     
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    Language: English
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    Other identifier:
    hdl: 10419/213847
    Series: Economics ; vol. 14, 2020-3
    Subjects: Microfoundations; bounded rationality; reinforcement learning; agent- based model
    Scope: 1 Online-Ressource (15 Seiten), Illustrationen