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Revisiting Individual Evolutionary Learning in the Cobweb Model – An Illustration of the Virtual Spite-Effect

Jasmina Arifovic, Michael K. Maschek
2006 Computational Economics  
We examine the Cournot oligopoly model in the context of social and individual learning.  ...  Vriend (2000) reports that the model of social learning converges to the Walrasian equilibrium outcome, while the model of individual learning converges to the Cournot-Nash equilibrium.  ...  Alkemade, La Poutre and Amman (2006) is a second paper in this issue that studies the robustness of evolutionary algorithm design in a version of the Cournot oligopoly game.  ... 
doi:10.1007/s10614-006-9053-3 fatcat:huruvaoe7ze6vmasou2zxp332y

Spectrum Allocation Based on Game Theory in Cognitive Radio Networks

Qiufen Ni, Rongbo Zhu, Zhenguo Wu, Yongli Sun, Lingyun Zhou, Bin Zhou
2013 Journal of Networks  
In this paper, we comprehensively explored the cognitive radio spectrum allocation models based on game theory from cooperative game and non-cooperative game, which provide detailed overview and analysis  ...  In order to provide flexible and efficient spectrum allocation in wireless networks, this paper also provides the general framework model based on game theory for cognitive radio spectrum allocation.  ...  First of all, the system model of spectrum allocation was established. Secondly, the cournot algorithm was designed based on the system model.  ... 
doi:10.4304/jnw.8.3.712-722 fatcat:4wdwgdezgbgkpg7eccanm6d2pe

Economic modeling using evolutionary algorithms: the effect of a binary encoding of strategies

Ludo Waltman, Nees Jan van Eck, Rommert Dekker, Uzay Kaymak
2010 Journal of evolutionary economics  
We are concerned with evolutionary algorithms that are employed for economic modeling purposes. We focus in particular on evolutionary algorithms that use a binary encoding of strategies.  ...  Our findings indicate that in general the use of a binary encoding is undesirable. They also highlight the importance of employing evolutionary algorithms with a sensible economic interpretation.  ...  Open Access This article is distributed under the terms of the Creative Commons Attribution Noncommercial License which permits any noncommercial use, distribution, and reproduction in any medium, provided  ... 
doi:10.1007/s00191-010-0177-1 fatcat:fzoqdznvyzd2xpmsemerc4fsva

Learning to Collude Tacitly on Production Levels by Oligopolistic Agents

Steven O. Kimbrough, Frederic H. Murphy
2008 Computational Economics  
Our results show that in a quantity game, a simple exploration rule, which we call Probe and Adjust, can find either the Cournot equilibrium or the monopoly solution depending on the measure of success  ...  Classical oligopoly theory has strong analytical foundations but is weak in capturing the operating environment of oligopolists and the available knowledge they have for making decisions, areas in which  ...  Number effects For the most part, we have focused so far on exploring and establishing the robustness of Probe and Adjust and on presenting results in the case of oligopolies having two firms.  ... 
doi:10.1007/s10614-008-9150-6 fatcat:yn63iwzclrgwpiwb2saqzhzvjq

Markets in equilibrium with firms out of equilibrium: A simulation study

Marco Casari
2008 Journal of Economic Behavior and Organization  
In the context of a Cournot oligopoly with a unique and symmetric Nash equilibrium, firms are modeled as adaptive economic agents through a genetic algorithm.  ...  We explore the effect of the limited ability to process information on the convergence of firms toward equilibrium.  ...  Acknowledgments A previous version of the paper circulated under the title "Can bounded rationality explain experimental anomalies? A study with genetic algorithms."  ... 
doi:10.1016/j.jebo.2006.01.003 fatcat:e4o7qtdjuzhhhcycxkxicroble

Breeding hybrid strategies: optimal behaviour for oligopolists

R. E. Marks
1992 Journal of evolutionary economics  
Holland's genetic algorithm and Axelrod's representation of contingent strategies provide a means of generating new strategies in the computer, through machine learning, without outside submissions.  ...  and Hauser, who sought, in the two MIT Computer Strategy Tournaments, to obtain an effective generalization of Rapoport's Tit for Tat for the threeperson repeated game.  ...  In the one-shot PD game the Cournot-Nash non-coöperative equilibrium dominates the Pareto-superior coöperative solution.  ... 
doi:10.1007/bf01196459 fatcat:33biyx3gp5dwxi3kacgr4tqmv4

Whither Game Theory? Towards a Theory of Learning in Games

Drew Fudenberg, David K. Levine
2016 Journal of Economic Perspectives  
hen we were graduate students at MIT (1977-81), the only game theory mentioned in the first-year core was static Cournot (1838) oligopoly, although Eric Maskin taught an advanced elective on game theory  ...  Many of these Whither Game Theory? Towards a Theory of Learning in Games  ...  This essay is based on our longer paper "Whither Game Theory" (Fudenberg and Levine 2016) , which can be found at http://www.dklevine.com/archive/refs4786969000000001307.pdf.  ... 
doi:10.1257/jep.30.4.151 fatcat:2nmwd2dp2jds3j4dxihzz7u5n4

Imitation and Belief Learning in an Oligopoly Experiment

Theo Offerman, Jan Potters, Joep Sonnemans
2002 The Review of Economic Studies  
on belief learning.  ...  Theoretically, these three types of rules lead to the competitive, the collusive, and the Cournot-Nash outcome, respectively.  ...  , Georg Kirchsteiger, and Rob Moir, in particular.  ... 
doi:10.1111/1467-937x.00233 fatcat:57o6aleas5bahbxygvovixj4su

Norms as emergent properties of adaptive learning: The case of economic routines [chapter]

Giovanni Dosi, Luigi Marengo, Andrea Bassanini, Marco Valente
2002 Economic Evolution, Learning, and Complexity  
In that sense, social norms seem to be the typical and most robust form of evolutionary adaptation to uncertainty and change.  ...  This is obviously a field of analysis where stylized modelling exercises on evolutionary learning can only complement more inductive inquiries from e.g. social psychology and organizational sciences. 3  ... 
doi:10.1007/978-3-642-57646-1_2 fatcat:wrh3zazgtfgajal5obc2z3vx5m

Cournot competition, organization and learning

Jason Barr, Francesco Saraceno
2005 Journal of Economic Dynamics and Control  
structure in the firm's decision making, and (3) the role of changing environmental conditions on learning and output decisions.  ...  We model firms' output decisions in a repeated duopoly framework focusing on three interrelated issues: (1) the role of learning in the adjustment process toward equilibrium, (2) the role of organizational  ...  The next section briefly reviews the relevant literature, showing how we relate to (and depart from) the models on learning in oligopoly games on the one hand, and to agent-based models on the other.  ... 
doi:10.1016/j.jedc.2003.07.003 fatcat:npucen35djgovfa37lpfquisli

Experimental economics and experimental computer science

Jens Grossklags
2007 Proceedings of the 2007 workshop on Experimental computer science - ExpCS '07  
whereas dominance-solvability leads to a unique prediction in the Cournot oligopoly game).  ...  [20] study convergence behavior in Cournot oligopoly and serial cost sharing games in an asynchronous continuous-time low-information setting.  ... 
doi:10.1145/1281700.1281711 dblp:conf/expcs/Grossklags07 fatcat:27ntpbmsvbas3hmlorqly73inu

Can Genetic Algorithms Explain Experimental Anomalies?

Marco Casari
2004 Computational Economics  
Agent interaction is simulated using an individual learning genetic algorithm, where agents have constraints in their working memory, a limited ability to maximize, and experiment with new strategies.  ...  It is common to find in experimental data persistent oscillations in the aggregate outcomes and high levels of heterogeneity in individual behavior.  ...  We employ an individual learning genetic algorithm model to simulate behavior in a common property resource game.  ... 
doi:10.1007/s10614-004-4197-5 fatcat:gf4esybuwrhfnm2qafojwb3l7m

Agent-Based Computational Economics: Growing Economies from the Bottom Up

Leigh Tesfatsion
2002 Social Science Research Network  
Eight ACE research areas are identified, and a number of publications in each area are highlighted for concrete illustration.  ...  This study outlines the main objectives and defining characteristics of the ACE methodology, and discusses similarities and distinctions between ACE and artificial life research.  ...  Vriend conducts ACE experiments within the context of a standard Cournot oligopoly game: namely, multiple seller firms compete by individually choosing their quantity levels of production, which in turn  ... 
doi:10.2139/ssrn.305080 fatcat:zbljemhpwzbfhkuwc7rvdj4xja

Agent-Based Computational Economics: Growing Economies From the Bottom Up

Leigh Tesfatsion
2002 Artificial Life  
Eight ACE research areas are identified, and a number of publications in each area are highlighted for concrete illustration.  ...  This study outlines the main objectives and defining characteristics of the ACE methodology, and discusses similarities and distinctions between ACE and artificial life research.  ...  Vriend conducts ACE experiments within the context of a standard Cournot oligopoly game: namely, multiple seller firms compete by individually choosing their quantity levels of production, which in turn  ... 
doi:10.1162/106454602753694765 pmid:12020421 fatcat:ejgdejmbpnhonbr5jdkkhaqjee

Agent-based Computational Economics [chapter]

2007 Adaptive Bidding in Single-Sided Auctions Under Uncertainty  
Starting from initial conditions, specified by the modeler, the computational economy evolves over time as its constituent agents repeatedly interact with each other and learn from these interactions.  ...  Keywords: Agent-based computational economics; autonomous agents; interaction networks; learning; evolution; mechanism design; computational experiments; object-oriented programming. * This survey is a  ...  Vriend conducts ACE experiments within the context of a standard Cournot oligopoly game: namely, multiple seller firms compete by individually choosing their quantity levels of production, which in turn  ... 
doi:10.1007/978-3-7643-8113-4_3 fatcat:vi2qfzzsnneo3p2l5jn6nvq6oi
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