Modeling Adaptive Economic Agents With PID Controllers
Date
2015
Authors
Carrella, Ernesto
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Abstract
I provide here a counterpoint to the rational agents that dominate economics: rather than adding rigidities and information limits on an otherwise classical feed-forward agent, I build a new feed-back agent that achieves equilibrium without knowledge of the model or the market it is in.
Description
Keywords
Economics, Computer science, Statistics, Agent-based models, Economic simulations, Macroeconomics, Microeconomics, PID controllers