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On Incentives and Updating in Agent Based Models

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  • Page, Scott E

Abstract

This paper introduces the concept of incentive based asynchronous updating in which the order of updating is determined by incentives. Previously, asynchronous updating has been shown to yield greater stability than synchronous updating for a variety of dynamical systems. However, in those models the order of updating is random. When incentives determine the ordering, the dynamics and end states change. For a conformity model on a two dimensional cellular automata, incentive based asynchronous updating yields greater linear disparity. For the game of life, it results in much greater sensitivity to initial conditions. Citation Copyright 1997 by Kluwer Academic Publishers.

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  • Page, Scott E, 1997. "On Incentives and Updating in Agent Based Models," Computational Economics, Springer;Society for Computational Economics, vol. 10(1), pages 67-87, February.
    • Handle: RePEc:kap:compec:v:10:y:1997:i:1:p:67-87
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    Cited by:

    1. Giorgio Fagiolo & Marco Valente, 2005. "Minority Games, Local Interactions, and Endogenous Networks," Computational Economics, Springer;Society for Computational Economics, vol. 25(1), pages 41-57, February.
    2. Giorgio Fagiolo & Luigi Marengo & Marco Valente, 2004. "Endogenous Networks In Random Population Games," Mathematical Population Studies, Taylor & Francis Journals, vol. 11(2), pages 121-147.
    3. Giorgio Fagiolo, 2001. "Coordination, Local Interactions and Endogenous Neighborhood Formation," LEM Papers Series 2001/15, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    4. A. Pyka & G. Fagiolo, 2007. "Agent-based Modelling: A Methodology for Neo-Schumpetarian Economics," Chapters, in: Horst Hanusch & Andreas Pyka (ed.), Elgar Companion to Neo-Schumpeterian Economics, chapter 29, Edward Elgar Publishing.
    5. Wilhite, Allen, 2014. "Network structure, games, and agent dynamics," Journal of Economic Dynamics and Control, Elsevier, vol. 47(C), pages 225-238.
    6. Leopoldo S'anchez-Cant'u & Carlos Arturo Soto-Campos & Andriy Kryvko, 2016. "Evidence of Self-Organization in Time Series of Capital Markets," Papers 1604.03996, arXiv.org, revised Mar 2017.
    7. Scott E. Page, 1998. "On the Emergence of Cities," Research in Economics 98-08-075e, Santa Fe Institute.
    8. Robert L. Axtell, 2000. "Effect of Interaction Topology and Activation Regime in Several Multi-Agent Systems," Working Papers 00-07-039, Santa Fe Institute.
    9. Rich, Karl M. & Winter-Nelson, Alex & Brozovic, Nicholas, 2005. "Regionalization and foot-and-mouth disease control in South America: Lessons from spatial models of coordination and interactions," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(2-3), pages 526-540, May.

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