Agent-based economic modelling with iterated prisoner's dilemma

Raymond Chiong, M. L. Dennis Wong, Lubo Jankovic

Research output: Chapter in Book/Report/Conference proceedingConference contribution

6 Citations (Scopus)

Abstract

This paper presents a method on modelling the economy market using agent-based representation and iterated prisoner's dilemma (IPD). While IPD has been widely used in various problems, there is little work done in modelling the dynamics of market behaviour and it is the main objective of this work to fill in this gap. We create a simulated market environment with agents acting as firms to perform transactions among each other with chosen IPD strategy. From the empirical results, we investigate the strategic interactions among different firms in relation to real-world transaction scenario. In the concluding remarks, we present our observation on the qualities of a winning strategy.

Original languageEnglish
Title of host publication2006 International Conference on Computing and Informatics, ICOCI '06
Place of PublicationPiscataway (New Jersey)
PublisherIEEE
Number of pages6
ISBN (Print)1424402204, 9781424402205
DOIs
Publication statusPublished - Jun 2006
Event2006 International Conference on Computing and Informatics, ICOCI '06 - Kuala Lumpur, Malaysia
Duration: 6 Jun 20068 Jun 2006

Conference

Conference2006 International Conference on Computing and Informatics, ICOCI '06
CountryMalaysia
CityKuala Lumpur
Period6/06/068/06/06

ASJC Scopus subject areas

  • Artificial Intelligence
  • Computational Theory and Mathematics
  • Computer Science Applications
  • Software

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  • Cite this

    Chiong, R., Wong, M. L. D., & Jankovic, L. (2006). Agent-based economic modelling with iterated prisoner's dilemma. In 2006 International Conference on Computing and Informatics, ICOCI '06 [5276488] IEEE. https://doi.org/10.1109/ICOCI.2006.5276488