Abstract
A model of bounded rationality suitable for modelling economic agents is proposed. Agents’ beliefs are modeled as descriptions of tentative models. These models are inductively found by a limited incremental search based on the current model and by combinations of past models from a space restricted by the imposition of a priori beliefs. The action of the agent is then decided by a search of the goal space where it intersects the model space (if any).
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© 1996 Kluwer Academic Publishers
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Edmonds, B., Moss, S. (1996). The Credible Modelling of Economic Agents with Limited Rationality. In: Ein-Dor, P. (eds) Artificial Intelligence in Economics and Managment. Springer, Boston, MA. https://doi.org/10.1007/978-1-4613-1427-1_14
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DOI: https://doi.org/10.1007/978-1-4613-1427-1_14
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4612-8620-2
Online ISBN: 978-1-4613-1427-1
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