Abstract
Replacing fully rational economic agents with boundedly or minimally rational agents leads to the necessity of learning. Another motivation to endow agents with learning routines is to predict unique outcomes when a model possesses multiple equilibria. Being less than perfectly rational or omniscient does not mean that agents are irrational. Instead, they act according to the knowledge and skills they are equipped with. Learning agents then have the potential to gradually discover an optimal or at least satisfactory course of action.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Rights and permissions
Copyright information
© 2008 Springer-Verlag Berlin Heidelberg
About this chapter
Cite this chapter
(2008). Learning in Economics. In: Agent-Based Modeling. Lecture Notes in Economics and Mathematical Systems, vol 602. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-73879-4_4
Download citation
DOI: https://doi.org/10.1007/978-3-540-73879-4_4
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-73878-7
Online ISBN: 978-3-540-73879-4
eBook Packages: Business and EconomicsEconomics and Finance (R0)