Agent-based economic modelling with iterated prisoner's dilemma

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

doi:10.1109/ICOCI.2006.5276488

Agent-based economic modelling with iterated prisoner's dilemma

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

^*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceeding › Conference 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 language	English
Title of host publication	2006 International Conference on Computing and Informatics, ICOCI '06
Place of Publication	Piscataway (New Jersey)
Publisher	IEEE
Number of pages	6
ISBN (Print)	1424402204, 9781424402205
DOIs	https://doi.org/10.1109/ICOCI.2006.5276488
Publication status	Published - Jun 2006
Event	2006 International Conference on Computing and Informatics, ICOCI '06 - Kuala Lumpur, Malaysia Duration: 6 Jun 2006 → 8 Jun 2006

Conference

Conference	2006 International Conference on Computing and Informatics, ICOCI '06
Country/Territory	Malaysia
City	Kuala Lumpur
Period	6/06/06 → 8/06/06

ASJC Scopus subject areas

Artificial Intelligence
Computational Theory and Mathematics
Computer Science Applications
Software

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10.1109/ICOCI.2006.5276488

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title = "Agent-based economic modelling with iterated prisoner's dilemma",

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.",

author = "Raymond Chiong and Wong, {M. L. Dennis} and Lubo Jankovic",

year = "2006",

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booktitle = "2006 International Conference on Computing and Informatics, ICOCI '06",

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T1 - Agent-based economic modelling with iterated prisoner's dilemma

AU - Chiong, Raymond

AU - Wong, M. L. Dennis

AU - Jankovic, Lubo

PY - 2006/6

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N2 - 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.

AB - 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.

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DO - 10.1109/ICOCI.2006.5276488

M3 - Conference contribution

AN - SCOPUS:71249136479

SN - 1424402204

SN - 9781424402205

BT - 2006 International Conference on Computing and Informatics, ICOCI '06

PB - IEEE

CY - Piscataway (New Jersey)

T2 - 2006 International Conference on Computing and Informatics, ICOCI '06

Y2 - 6 June 2006 through 8 June 2006

ER -

Agent-based economic modelling with iterated prisoner's dilemma

Abstract

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ASJC Scopus subject areas

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