search query: @author Huberman, B. A. / total: 2
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| Author: | Youssefmir, M. Huberman, B. A. |
| Title: | Clustered volatility in multiagent dynamics |
| Journal: | Journal of Economic Behavior and Organization
1997 : JAN, VOL. 32:1, p. 101-118 |
| Index terms: | VOLATILITY DYNAMIC MODELS |
| Language: | eng |
| Abstract: | This article investigates the dynamics of multiagent system whose members continuously modify their behavior in response to the dynamics that unfold within the system. The behavior is driven by local optimization of the utilities that agents accrue when gaining access to resources. Decisions are made on the basis of having bounded rationality, which implies imperfect information and delayed knowledge about the present state of the system. The fluctuations around the equilibrium that arise from strategy scwitching are analyzed , and the existence of new phenomenon is discovered: it consists of the appearance of bursts of activity that punctuate the fixed point, and is due to an effective random walk consistent with overall stability. |
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