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How appropriate are myopic optimization models to predict decision behaviour: A comparison between agent-based models and business management games

Franziska Appel and Oliver Musshoff ()
Authors registered in the RePEc Author Service: Franziska Schönau ()

No 115994, 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland from European Association of Agricultural Economists

Abstract: Agent-based models (ABM) are used in many cases of policy assessment in agriculture. But the behavioural assumptions of these models consider farmers as myopic optimizing profit maximizers. In this contribution we compare the behaviour of myopic computer agents with the behaviour of students playing a multi period business management game. We aim to answer the question, how far are agent-based models valid to map “real” human behaviour, so that ABM can be used well for policy impact assessment.

Keywords: Agent-based models; business management games; policy impact analysis; Research Methods/ Statistical Methods; C63; C93; D22; Q18 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-gth
Date: 2011-09-02
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