Social Recommendations Rather than Social Values

Hakan Aksoy and Erdem Basci
Authors registered in the RePEc Author Service: Erdem Basci

No 80, Computing in Economics and Finance 2001 from Society for Computational Economics

Abstract: We study two different modes of social influence on human or artificial decision makers operating in complex environments. One is through emulation of social values, and the other is through social recommendations for specific actions. In an economic environment where agents make trade and consumption decisions, we observe that emulation of social values may speed up learning, but may as well coordinate agents on a suboptimal mode of behavior. Social recommendations on the other hand, do help in learning equilibrium play in the same context. The results of the paper shed some light on how to incorporate social influence in a case-based approach via classifier systems to dynamic programming problems.

Keywords: Classifier systems; Kiyotaki-Wright model of money; Learning; Social influence; Case-based decision theory (search for similar items in EconPapers)
JEL-codes: D84 E41 (search for similar items in EconPapers)
Date: 2001-04-01
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Persistent link: https://EconPapers.repec.org/RePEc:sce:scecf1:80

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