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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

Abstract: 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)
Date: 2000
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DOI: 10.1142/S0219525900000194

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