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Computational Economics
Article . 2004 . Peer-reviewed
License: Springer TDM
Data sources: Crossref
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Can Genetic Algorithms Explain Experimental Anomalies?

An Application to Common Property Resources
Authors: CASARI, MARCO;

Can Genetic Algorithms Explain Experimental Anomalies?

Abstract

It is common to find in experimental data persistent oscillations in the aggregate outcomes and high levels of heterogeneity in individual behavior. Furthermore, it is not unusual to find significant deviations from aggregate Nash equilibrium predictions. In this paper, we employ an evolutionary model with boundedly rational agents to explain these findings. We use data from common property resource experiments (Casari and Plott, 2003). Instead of positing individual-specific utility functions, we model decision makers as selfish and identical. Agent interaction is simulated using an individual learning genetic algorithm, where agents have constraints in their working memory, a limited ability to maximize, and experiment with new strategies. We show that the model replicates most of the patterns that can be found in common property resource experiments.

Countries
Spain, Italy
Keywords

Bounded rationality, Experiments, Common-pool resources, Genetic algorithms, Common-pool resources, Algorismes genètics, Bounded rationality, BOUNDED RATIONALITY; COMMON-POOL RESOURCES; EXPERIMENTS; GENETIC ALGORITHMS, Genetic algorithms, Experiments, jel: jel:C91, jel: jel:C63, jel: jel:C72, jel: jel:Q2

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
views
OpenAIRE UsageCountsViews provided by UsageCounts
downloads
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16
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27
33
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