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Modelling Bounded Rationality in Agent-Based Simulations Using the Evolution of Mental Models

  • Bruce Edmonds
Part of the Advances in Computational Economics book series (AICE, volume 11)

Abstract

There are many possible ways of modelling economic agents. These traditionally fall into one of two camps, dating from Simon’s distinction between substantive and procedural rationality: this is often characterised as those with bounded rationality and those with no such bounds (although this is not strictly correct, Moss & Sent forthcoming). Although the latter type is more analytically tractable we are interested in the former type.

Keywords

Utility Function Internal Model Economic Agent Modelling Agent Bounded Rationality 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 1999

Authors and Affiliations

  • Bruce Edmonds

There are no affiliations available

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