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Why Bother with What Others Tell You? An Experimental Data-Driven Agent-Based Model

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Abstract

This paper investigates the relevance of reputation to improve the explorative capabilities of agents in uncertain environments. We have presented a laboratory experiment where sixty-four subjects were asked to take iterated economic investment decisions. An agent-based model based on their behavioural patterns replicated the experiment exactly. Exploring this experimentally grounded model, we studied the effects of various reputational mechanisms on explorative capabilities at a systemic level. The results showed that reputation mechanisms increase the agents' capability for coping with uncertain environments more than individualistic atomistic exploration strategies, although the former does entail a certain amount of false information inside the system.

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  • Riccardo Boero & Giangiacomo Bravo & Marco Castellani & Flaminio Squazzoni, 2010. "Why Bother with What Others Tell You? An Experimental Data-Driven Agent-Based Model," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 13(3), pages 1-6.
    • Handle: RePEc:jas:jasssj:2009-79-2
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    1. Christian Hahn & Bettina Fley & Michael Florian & Daniela Spresny & Klaus Fischer, 2007. "Social Reputation: a Mechanism for Flexible Self-Regulation of Multiagent Systems," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 10(1), pages 1-2.
    2. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
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    1. Davide Secchi & Raffaello Seri, 2017. "Controlling for false negatives in agent-based models: a review of power analysis in organizational research," Computational and Mathematical Organization Theory, Springer, vol. 23(1), pages 94-121, March.
    2. Marcel Ausloos & Herbert Dawid & Ugo Merlone, 2015. "Spatial Interactions in Agent-Based Modeling," Dynamic Modeling and Econometrics in Economics and Finance, in: Pasquale Commendatore & Saime Kayam & Ingrid Kubin (ed.), Complexity and Geographical Economics, edition 127, pages 353-377, Springer.
    3. Ugo Merlone & Daren Sandbank & Ferenc Szidarovszky, 2013. "Equilibria analysis in social dilemma games with Skinnerian agents," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 12(2), pages 219-233, November.
    4. Flaminio Squazzoni, 2010. "The impact of agent-based models in the social sciences after 15 years of incursions," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 18(2), pages 197-234.
    5. Grazzini, J., 2011. "Experimental Based, Agent Based Stock Market," CeNDEF Working Papers 11-07, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
    6. Károly Takács & Flaminio Squazzoni, 2015. "High Standards Enhance Inequality in Idealized Labor Markets," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 18(4), pages 1-2.
    7. Roberto Casarin & Flaminio Squazzoni, 2013. "Being on the Field When the Game Is Still Under Way. The Financial Press and Stock Markets in Times of Crisis," PLOS ONE, Public Library of Science, vol. 8(7), pages 1-14, July.
    8. Lee, Ju-Sung & Filatova, Tatiana & Ligmann-Zielinska, Arika & Hassani-Mahmooei, Behrooz & Stonedahl, Forrest & Lorscheid, Iris & Voinov, Alexey & Polhill, J. Gareth & Sun, Zhanli & Parker, Dawn C., 2015. "The complexities of agent-based modeling output analysis," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 18(4).
    9. Squazzoni, Flaminio & Gandelli, Claudio, 2012. "Saint Matthew strikes again: An agent-based model of peer review and the scientific community structure," Journal of Informetrics, Elsevier, vol. 6(2), pages 265-275.
    10. Frank M. A. Klingert & Matthias Meyer, 2012. "Effectively combining experimental economics and multi-agent simulation: suggestions for a procedural integration with an example from prediction markets research," Computational and Mathematical Organization Theory, Springer, vol. 18(1), pages 63-90, March.
    11. Marco Castellani & Linda Alengoz & Niccolò Casnici & Flaminio Squazzoni, 2022. "A role-game laboratory experiment on the influence of country prospects reports on investment decisions in two artificial organizational settings," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 21(1), pages 121-149, June.

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