Title :
Agent-based models as a complement to economic theory: a durable goods example
Author :
Tassier, Troy ; Everson, Mark P. ; Ostrowski, Dave
Author_Institution :
Econ. Dept., Iowa Univ., Iowa City, IA, USA
Abstract :
We construct an agent-based model of a durable goods market. Consumer purchasing strategies include memory of recent price realizations in the market. A monopolistic producer sets prices using a standard economic approach. The model yields aggregate market characteristics similar to those seen in automobile markets
Keywords :
automobile industry; economic cybernetics; purchasing; software agents; agent-based model; aggregate market characteristics; automobile markets; consumer purchasing strategies; durable goods market; economic theory; monopolistic producer; recent price realization memory; Aggregates; Automobiles; Cities and towns; Cognition; Context modeling; Electric shock; History; Intelligent agent; Mathematical model; Memory management;
Conference_Titel :
Evolutionary Computation, 2002. CEC '02. Proceedings of the 2002 Congress on
Conference_Location :
Honolulu, HI
Print_ISBN :
0-7803-7282-4
DOI :
10.1109/CEC.2002.1007016
