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File:
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[pdf]
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Title:
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A Genetic Model of Adaptive Economic Behavior
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Author:
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John H. Miller
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Key Words:
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Artificial Adaptive Agents, Genetic Algorithm, Economic Theory, Learning, Adaptation
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Abstract:
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A model of adaptive economic behavior is developed and analyzed. The model, by
relying on specific biological concepts, reduces the ambiguity which has confounded
previous biological-based models, and has sufficient structure to be explicitly explored.
The basic assumptions of the model are examined, and they appear to accord well with
current economic and psychological theories of behavior. Furthermore, the theoretical
properties of the model are derived based on recent work in computer science. These
properties indicate that the basic model has a strong optimization component, which
suggests that the optimization and adaptive approaches are not mutually exclusive
theoretical milieus. The model is applied to a variety of economic problems, and
its implications are derived and analyzed.
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