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The "mind or no-mind" dilemma in agents behaving in a market

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  • Pietro Terna

    (Dipartimento di Scienze economiche e, finanziarie G.Prato - Università di Torino, corso Unione Sovietica 218bis, 10134, Torino, Italia)

Abstract

In computer simulation models based upon agents, what is the degree of sophistication that we have to put into the agents? Should we provide them or not with a "mind"? The answer ranges from Axelrod's simplicity principle to the use of full BDI (Beliefs, Intentions, Desires) cognitive agents. To discuss the subject we introduce here three models: one with "no-mind" agents that operate in an unstructured market, the second with "minded" agents assuring some stability to an emerging unstructured market and, finally, the third with no mind agents, that show a sophisticated outcome in a structured market. No generalised results come from this presentation, but many useful doubts.

Suggested Citation

  • Pietro Terna, 2000. "The "mind or no-mind" dilemma in agents behaving in a market," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 3(01n04), pages 257-269.
    • Handle: RePEc:wsi:acsxxx:v:03:y:2000:i:01n04:n:s0219525900000194
    DOI: 10.1142/S0219525900000194
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    Cited by:

    1. 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.
    2. Pietro Terna, 2000. "Sum: A Surprising (Un)Realistic Market - Building A Simple Stock Market Structure With Swarm," Computing in Economics and Finance 2000 173, Society for Computational Economics.

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