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Zero-Knowledge Traders

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Abstract

We provide simple general-purpose rules for agents to buy inputs, sell outputs and set production rates. The agents proceed by trial and error using PID controllers to adapt to past mistakes. These rules are computationally inexpensive, use little memory and have zero-knowledge of the outside world. We place these zero-knowledge agents in a monopolist and a competitive market where they achieve outcomes similar to what standard economic theory predicts.

Suggested Citation

  • Ernesto Carrella, 2014. "Zero-Knowledge Traders," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 17(3), pages 1-4.
    • Handle: RePEc:jas:jasssj:2013-76-3
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    File URL: https://www.jasss.org/17/3/4/4.pdf
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    Cited by:

    1. Castañeda, Gonzalo & Chávez-Juárez, Florian & Guerrero, Omar A., 2018. "How do governments determine policy priorities? Studying development strategies through spillover networks," Journal of Economic Behavior & Organization, Elsevier, vol. 154(C), pages 335-361.

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    Keywords

    Methodology; Microeconomics;

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