Modeling the use of nonrenewable resources using a genetic algorithm

Daniel Schunk

No 03-23, Papers from Sonderforschungsbreich 504

Abstract: This paper shows, how a genetic algorithm (GA) can be used to model an economic process: the interaction of profit-maximizing oil-exploration firms that compete with each other for a limited amount of oil. After a brief introduction to the concept of multi-agent-modeling in economics, a GA-based resource-economic model is developed. Several model runs based on different economic policy assumptions are presented and discussed in order to show how the GA-model can be used to gain insight into the dynamic properties of economic systems. The remainder outlines deficiencies of GA-based multi-agent approaches and sketches how the present model can be improved.

Date: 2003
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https://madoc.bib.uni-mannheim.de/2761/1/dp03_23.pdf

Related works:
Working Paper: Modeling the Use of Nonrenewable Resources Using a Genetic Algorithm (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:mnh:spaper:2761

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