Schuster, Stephan (2009): An Algorithm for the Simulation of Bounded Rational Agents.
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Abstract
Nonclassical models of economic behaviour, usually summarised under the notion of 'Bounded Rationality' criticise the assumptions of the standard economic model  hyperrationality, perfect and costless information, and unlimited mental processing capabilities. However, alternative approaches have either remained very simple or purely descriptive. Here, a computational approach is presented based on Simon's concept of bounded rationality and satisficing as a compromise between the oversimplification of analytical and the descriptiveness of rich cognitive models.
Item Type:  MPRA Paper 

Original Title:  An Algorithm for the Simulation of Bounded Rational Agents 
Language:  English 
Keywords:  agent based modelling, bounded rationality, reinforcement learning, rule extraction 
Subjects:  C  Mathematical and Quantitative Methods > C6  Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C63  Computational Techniques ; Simulation Modeling D  Microeconomics > D8  Information, Knowledge, and Uncertainty > D83  Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness 
Item ID:  19683 
Depositing User:  Stephan Schuster 
Date Deposited:  05. Jan 2010 11:33 
Last Modified:  16. Feb 2013 02:46 
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URI:  https://mpra.ub.unimuenchen.de/id/eprint/19683 
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An Algorithm for the Simulation of Bounded Rational Agents. (deposited 30. Jun 2009 00:17)
 An Algorithm for the Simulation of Bounded Rational Agents. (deposited 05. Jan 2010 11:33) [Currently Displayed]