The "mind or no-mind" dilemma in agents behaving in a market
Pietro Terna ()
Advances in Complex Systems (ACS), 2000, vol. 03, issue 01n04, 257-269
In computer simulation models based upon agents, what is the degree of sophistication that we have to put into the agents? Should we provide them or not with a "mind"? The answer ranges from Axelrod's simplicity principle to the use of full BDI (Beliefs, Intentions, Desires) cognitive agents. To discuss the subject we introduce here three models: one with "no-mind" agents that operate in an unstructured market, the second with "minded" agents assuring some stability to an emerging unstructured market and, finally, the third with no mind agents, that show a sophisticated outcome in a structured market. No generalised results come from this presentation, but many useful doubts.
Keywords: economic simulation; agent based models; Swarm (search for similar items in EconPapers)
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