Invited Discussion Paper 1: Surprise, Surprise from Neoclassical Economics to E-Life 2

David Ingram, Paul Tayler and Michael Thompson

ASTIN Bulletin, 2012, vol. 42, issue 2, 389-411

Abstract: We build and describe an agent-based model: the Surprise Game. The game comprises a “world” of 30 firms, each of which has to survive (and, if possible, prosper) in its environment, which is nothing more than the other 29 firms. Each firm has to latch onto one or other of the four strategies that are predicted by the theory of plural rationality but has to relinquish that strategy and latch onto one of the others if it finds itself surprised. This model illustrates the dynamics of the world as described by the theory of plural rationality which are more similar to the dynamics of the actual world than economic models that assume equilibriums that are occasionally disturbed by shocks. This model and the theory of plural rationality provide insights and ideas for further work for actuaries.

Date: 2012
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.cambridge.org/core/product/identifier/ ... type/journal_article link to article abstract page (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cup:astinb:v:42:y:2012:i:02:p:389-411_00

Access Statistics for this article

More articles in ASTIN Bulletin from Cambridge University Press Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK.
Bibliographic data for series maintained by Kirk Stebbing ().