Why Bother with What Others Tell You? An Experimental Data-Driven Agent-Based Model

Riccardo Boero, Giangiacomo Bravo (), Marco Castellani () and Flaminio Squazzoni ()
Additional contact information
Giangiacomo Bravo: http://linnaeus.academia.edu/GiangiacomoBravo
Marco Castellani: http://www.unibs.it/dipartimenti/studi-sociali/personale-del-dipartimento/ricercatori/dott-castellani-marco
Flaminio Squazzoni: http://behavelab.org/flaminio-squazzoni/

Journal of Artificial Societies and Social Simulation, 2010, vol. 13, issue 3, 6

Abstract: This paper investigates the relevance of reputation to improve the explorative capabilities of agents in uncertain environments. We have presented a laboratory experiment where sixty-four subjects were asked to take iterated economic investment decisions. An agent-based model based on their behavioural patterns replicated the experiment exactly. Exploring this experimentally grounded model, we studied the effects of various reputational mechanisms on explorative capabilities at a systemic level. The results showed that reputation mechanisms increase the agents' capability for coping with uncertain environments more than individualistic atomistic exploration strategies, although the former does entail a certain amount of false information inside the system.

Keywords: Reputation; Trustworthiness; Laboratory Experiment; Agent-Based Model; Exploration Vs. Exploitation (search for similar items in EconPapers)
Date: 2010-06-30
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

Downloads: (external link)
https://www.jasss.org/13/3/6/6.pdf (application/pdf)

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:jas:jasssj:2009-79-2

Access Statistics for this article

More articles in Journal of Artificial Societies and Social Simulation from Journal of Artificial Societies and Social Simulation
Bibliographic data for series maintained by Francesco Renzini ().