An Evolutionary Framework for Determining Heterogeneous Strategies in Multi-Agent Marketplaces

Alexander Babanov, Wolfgang Ketter and Maria Gini

ERIM Report Series Research in Management from Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam

Abstract: We propose an evolutionary approach for studying the dynamics of interaction of strategic agents that interact in a marketplace. The goal is to learn which agent strategies are most suited by observing the distribution of the agents that survive in the market over extended periods of time. We present experimental results from a simulated market, where multiple service providers compete for customers using different deployment and pricing schemes. The results show that heterogeneous strategies evolve and co-exist in the same market.

Keywords: complexity economics; marketing; multi-agent systems; simulation; trading agents (search for similar items in EconPapers)
JEL-codes: L15 M M31 O32 (search for similar items in EconPapers)
Date: 2008-01-17
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