Agent based model of a simple economy

Authored by Vladimir Gazda, Marek Grof, Julius Horvath, Matus Kubak, Tomas Rosival

Date Published: 2012-10

DOI: 10.1007/s11403-012-0097-2

Sponsors: No sponsors listed

Platforms: NetLogo

Model Documentation: Other Narrative Mathematical description

Model Code URLs: http://www3.ekf.tuke.sk/seminar/archiv/tomas_rosival/BIGmodel.nlogo

Abstract

This article proposes a model of a simple economy based on a set of agent-based modeling principles. The model is based on the “trust game” formulated by Berg et al. (Games Econ Behav 10:122-142, 1995), and anticipates a random matching of partners taking in to account adaptive agent behavior. Simulation in the NetLogo programming environment, using profile distributions obtained from empirical studies, has shown the most successful agents to posses low parameters of trust in the role of Sender and high parameters of trustworthiness in the role of Receiver.

Tags

Agent-based model Trust Trustworthiness Trust game