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TitleAgent-Based Modeling of a Non-tâtonnement Process for the Scarf Economy: The Role of Learning
Creator陳樹衡
Chen, Shu-Heng
Contributor經濟學系
Date2017
Date Issued17-Aug-2017 16:57:42 (UTC+8)
SummaryIn this paper, we propose a meta-learning model to hierarchically integrate individual learning and social learning schemes. This meta-learning model is incorporated into an agent-based model to show that Herbert Scarf’s famous counterexample on Walrasian stability can become stable in some cases under a non-tâtonnement process when both learning schemes are involved, a result previously obtained by Herbert Gintis. However, we find that the stability of the competitive equilibrium depends on how individuals learn—whether they are innovators (individual learners) or imitators (social learners), and their switching frequency (mobility) between the two. We show that this endogenous behavior, apart from the initial population of innovators, is mainly determined by the agents’ intensity of choice. This study grounds the Walrasian competitive equilibrium based on the view of a balanced resource allocation between exploitation and exploration. This balance, achieved through a meta-learning model, is shown to be underpinned by a behavioral/psychological characteristic.
RelationComputational Economics pp 1–37
Typearticle
DOI https://doi.org/10.1007/s10614-017-9721-5
dc.contributor 經濟學系zh_TW
dc.creator (作者) 陳樹衡zh_TW
dc.creator (作者) Chen, Shu-Hengen_US
dc.date (日期) 2017
dc.date.accessioned 17-Aug-2017 16:57:42 (UTC+8)-
dc.date.available 17-Aug-2017 16:57:42 (UTC+8)-
dc.date.issued (上傳時間) 17-Aug-2017 16:57:42 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/112045-
dc.description.abstract (摘要) In this paper, we propose a meta-learning model to hierarchically integrate individual learning and social learning schemes. This meta-learning model is incorporated into an agent-based model to show that Herbert Scarf’s famous counterexample on Walrasian stability can become stable in some cases under a non-tâtonnement process when both learning schemes are involved, a result previously obtained by Herbert Gintis. However, we find that the stability of the competitive equilibrium depends on how individuals learn—whether they are innovators (individual learners) or imitators (social learners), and their switching frequency (mobility) between the two. We show that this endogenous behavior, apart from the initial population of innovators, is mainly determined by the agents’ intensity of choice. This study grounds the Walrasian competitive equilibrium based on the view of a balanced resource allocation between exploitation and exploration. This balance, achieved through a meta-learning model, is shown to be underpinned by a behavioral/psychological characteristic.en_US
dc.format.extent 4312025 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Computational Economics pp 1–37en_US
dc.title (題名) Agent-Based Modeling of a Non-tâtonnement Process for the Scarf Economy: The Role of Learningen_US
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1007/s10614-017-9721-5
dc.doi.uri (DOI) https://doi.org/10.1007/s10614-017-9721-5