DocumentCode
445483
Title
Agent-based modeling of lottery markets with the expected-utility paradigm
Author
Chen, Shu-Heng ; Chie, Bin-Tzong ; Lee, Chia-Wei
Author_Institution
Dept. of Econ., Nat. Chengchi Univ., Taipei
Volume
1
fYear
2005
fDate
5-5 Sept. 2005
Firstpage
366
Abstract
This paper proposes an agent-based computational model of a lottery market based on an expected-utility paradigm, in which agents´ decisions regarding lottery participation are based on their own subjective beliefs, and those beliefs are evolving over time with genetic algorithms. The simulation results are then compared with another agent-based lottery market with different agent engineering. It is found that almost all emergent properties, such as the Laffer curve, the halo effect (lottomania), conscious-selection behavior, and the interdependent preference (regretting effect) are qualitatively robust with these two different designs of agents
Keywords
genetic algorithms; marketing; multi-agent systems; utility theory; agent decision; agent-based computational modeling; expected-utility paradigm; genetic algorithm; lottery market; Adaptive systems; Analytical models; Computational modeling; Genetic algorithms; Investments; Robustness; Utility theory;
fLanguage
English
Publisher
ieee
Conference_Titel
Evolutionary Computation, 2005. The 2005 IEEE Congress on
Conference_Location
Edinburgh, Scotland
Print_ISBN
0-7803-9363-5
Type
conf
DOI
10.1109/CEC.2005.1554707
Filename
1554707
Link To Document