Zero-Knowledge Traders

Ernesto Carrella

Journal of Artificial Societies and Social Simulation, 2014, vol. 17, issue 3, 4

Abstract: We provide simple general-purpose rules for agents to buy inputs, sell outputs and set production rates. The agents proceed by trial and error using PID controllers to adapt to past mistakes. These rules are computationally inexpensive, use little memory and have zero-knowledge of the outside world. We place these zero-knowledge agents in a monopolist and a competitive market where they achieve outcomes similar to what standard economic theory predicts.

Keywords: Methodology; Microeconomics (search for similar items in EconPapers)
Date: 2014-06-30
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:jas:jasssj:2013-76-3

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