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from Part I - Artificial Economics and Mainstream Economics
Published online by Cambridge University Press: 28 October 2021
Chapter 3 presents models in which artificial agents interact through games. It first introduces a typical mainstream economics model known as the prisoner’s dilemma, in which agents interact through a classic game theory game, and then contrast it with an artificial evolutionary game based on the same dilemma. In this evolutionary game, the dynamic evolution of a population of boundedly rational agents is represented and simulated using a genetic algorithm. It finally contrasts the assumptions of artificial economics against those of mainstream economics when modeling games.
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