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Modeling the use of nonrenewable resources using a genetic algorithm

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  • Schunk, Daniel

Abstract

This paper shows, how a genetic algorithm (GA) can be used to model an economic process: the interaction of profit-maximizing oil-exploration firms that compete with each other for a limited amount of oil. After a brief introduction to the concept of multi-agent-modeling in economics, a GA-based resource-economic model is developed. Several model runs based on different economic policy assumptions are presented and discussed in order to show how the GA-model can be used to gain insight into the dynamic properties of economic systems. The remainder outlines deficiencies of GA-based multi-agent approaches and sketches how the present model can be improved.

Suggested Citation

  • Schunk, Daniel, 2003. "Modeling the use of nonrenewable resources using a genetic algorithm," Papers 03-23, Sonderforschungsbreich 504.
    • Handle: RePEc:mnh:spaper:2761
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    File URL: https://madoc.bib.uni-mannheim.de/2761/1/dp03_23.pdf
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