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| DC Field | Value | Language |
|---|---|---|
| dc.creator | Casari, Marco | - |
| dc.date | 2007-11-05T14:39:03Z | - |
| dc.date | 2007-11-05T14:39:03Z | - |
| dc.date | 2003-03-29 | - |
| dc.date.accessioned | 2017-01-31T00:58:01Z | - |
| dc.date.available | 2017-01-31T00:58:01Z | - |
| dc.identifier | http://hdl.handle.net/10261/1843 | - |
| dc.identifier.uri | http://dspace.mediu.edu.my:8181/xmlui/handle/10261/1843 | - |
| dc.description | In this paper we explore the effect of bounded rationality on the convergence of individual behavior toward equilibrium. In the context of a Cournot game with a unique and symmetric Nash equilibrium, firms are modeled as adaptive economic agents through a genetic algorithm. Computational experiments show that (1) there is remarkable heterogeneity across identical but boundedly rational agents; (2) such individual heterogeneity is not simply a consequence of the random elements contained in the genetic algorithm; (3) the more rational agents are in terms of memory abilities and pre-play evaluation of strategies, the less heterogeneous they are in their actions. At the limit case of full rationality, the outcome converges to the standard result of uniform individual behavior. | - |
| dc.language | eng | - |
| dc.relation | UFAE and IAE Working Papers | - |
| dc.relation | 583.03 | - |
| dc.rights | openAccess | - |
| dc.subject | Bounded rationality | - |
| dc.subject | Genetic algorithms | - |
| dc.subject | Individual heterogeneity | - |
| dc.title | Does bounded rationality lead to individual heterogeneity? The impact of the experimentation process and of memory constraints | - |
| dc.type | Documento de trabajo | - |
| Appears in Collections: | Digital Csic | |
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