Agent-based models as a complement to economic theory: a durable goods example
T Tassier, MP Everson… - Proceedings of the 2002 …, 2002 - ieeexplore.ieee.org
T Tassier, MP Everson, D Ostrowski
Proceedings of the 2002 Congress on Evolutionary Computation. CEC …, 2002•ieeexplore.ieee.orgWe 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.
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.
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.
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