Modelling Bounded Rationality Using Evolutionary Techniques
Bruce Edmonds,Scott Moss +1 more
- 07 Apr 1997
- pp 31-42
TL;DR: A technique for the credible modelling of economic agents with bounded rationality based on the evolutionary techniques is described and an example application of an agent seeking to maximise its utility by modelling its own utility function is briefly described.
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Abstract: A technique for the credible modelling of economic agents with bounded rationality based on the evolutionary techniques is described. The genetic programming paradigm is most suited due to its meaningful and flexible genome. The fact we are aiming to model agents with real characteristics implies a different approach from those evolutionary algorithms designed to efficiently solve specific problems. Some of these are that we use very small populations, it is based on different operators and uses a breeding selection mechanism. It is precisely some of the “pathological” features of this algorithm that capture the target behaviour. Some possibilities for integration of deductive logic-based approaches and the GP paradigm are suggested. An example application of an agent seeking to maximise its utility by modelling its own utility function is briefly described.
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John H. Holland
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TL;DR: Initially applying his concepts to simply defined artificial systems with limited numbers of parameters, Holland goes on to explore their use in the study of a wide range of complex, naturally occuring processes, concentrating on systems having multiple factors that interact in nonlinear ways.
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Terry Connolly,Robert Axelrod +1 more
TL;DR: A model is developed based on the concept of an evolutionarily stable strategy in the context of the Prisoner's Dilemma game to show how cooperation based on reciprocity can get started in an asocial world, can thrive while interacting with a wide range of other strategies, and can resist invasion once fully established.
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