Abstract
There are many possible ways of modelling economic agents. These traditionally fall into one of two camps, dating from Simon’s distinction between substantive and procedural rationality: this is often characterised as those with bounded rationality and those with no such bounds (although this is not strictly correct, Moss & Sent forthcoming). Although the latter type is more analytically tractable we are interested in the former type.
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Edmonds, B. (1999). Modelling Bounded Rationality in Agent-Based Simulations Using the Evolution of Mental Models. In: Brenner, T. (eds) Computational Techniques for Modelling Learning in Economics. Advances in Computational Economics, vol 11. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-5029-7_13
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DOI: https://doi.org/10.1007/978-1-4615-5029-7_13
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