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| Author: | Arthur, W. B. Arthur, W. B. |
| Title: | Designing economic agents that act like human agents: a behavioral approach to bounded rationality |
| Journal: | American Economic Review
1991 : MAY, VOL. 81:2, p.353-359 |
| Index terms: | INDIVIDUAL BEHAVIOUR PROBLEM SOLVING THINKING DECISION MAKING ALGORITHMS LEARNING ARTIFICIAL INTELLIGENCE |
| Language: | eng |
| Abstract: | Human rationality is bounded. One approach to this problem is to lay down axioms or assumptions that suppose limits to economic agents' computational ability or memory, and investigate their consequences. A different approach (the one which is suggested here) is to develop theoretical economic agents that act and chose in the way as actual humans do. This is done by representing agents as using parametrized decision algorithms. These algorithms are calibrated so that the agents' behaviour matches real human behaviour observed in the same decision context. Some characteristics of human learning are discussed. The learning time, the rate at which the problem shifts, the payoff structure of the problem are considered. |
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