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A C++ PLATFORM FOR THE EVOLUTION OF TRADE NETWORKS AgEcon
McFadzean, David; Tesfatsion, Leigh.
This paper presents a general C++ platform for the implementation of a trade network game (TNG) that combines evolutionary game play with preferential partner selection. In the TNG, successive generations of resource constrained traders choose and refuse trade partners on the basis of continually updated expected payoffs, engage in risky trades modelled as two-person games, and evolve their trade strategies over time. The modular design of the TNG platform facilitates experimentation with alternative specifications for market structure, trade partner matching, trading, expectation formation, and trade strategy evolution. The TNG platform can be used to study the evolutionary implications of these specifications at three different levels: individual...
Tipo: Working or Discussion Paper Palavras-chave: C++ platform; Trade networks; Evolutionary game; Partner matching; Endogenous interactions; Agent-based computational economics; Artificial life; International Relations/Trade.
Ano: 1996 URL: http://purl.umn.edu/18192
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A TRADE NETWORK GAME WITH ENDOGENOUS PARTNER SELECTION AgEcon
Tesfatsion, Leigh.
This paper develops a Trade Network Game (TNG) that combines evolutionary game play with endogenous partner selection. Resource-constrained buyers and sellers choose and refuse trade partners on the basis of continually updated expected payoffs. Partner selection takes place in accordance with a "deferred choice and refusal" mechanism that is shown to have interesting stability, optimality, and uniqueness properties. The iterated prisoner's dilemma strategies used by buyers and sellers to conduct their trades are evolved over time via a genetic algorithm that biases reproduction in favor of strategies that have been successful in past trades. The TNG is shown to encompass a variety of economic applications, such as job search games, labor markets...
Tipo: Working or Discussion Paper Palavras-chave: Trade networks; Evolutionary game; Optimal search; Endogenous interactions; Iterated prisoner's dilemma; Multi-armed bandit game; Assignment game; Preferential partner matching; Genetic algorithm; Artificial life; Criterion filtering; International Relations/Trade.
Ano: 1995 URL: http://purl.umn.edu/18191
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GALE-SHAPLEY MATCHING IN AN EVOLUTIONARY TRADE NETWORK GAME AgEcon
Tesfatsion, Leigh.
For a postscript copy of this paper, click <a href="/Data/isu/er43.ps"> here. </A> This study investigates the performance of Gale-Shapley matching in an evolutionary market context. Computational experimental findings are reported for an evolutionary match-and-play trade network game in which resource-constrained traders repeatedly choose and refuse trade partners in accordance with Gale-Shapley matching, participate in risky trades modelled as two-person prisoner's dilemma games, and evolve their trade behavior over time. Particular attention is focused on correlations between ex ante market structure and the formation of trade networks, and between trade network formation and the types of trade behavior and social welfare outcomes that...
Tipo: Working or Discussion Paper Palavras-chave: Evolutionary game; Gale-Shapley matching; Iterated prisoners' dilemma; Trade networks; Endogenous interactions; Agent-based computational economics; International Relations/Trade; C7; C8; C9; D8; D4.
Ano: 1998 URL: http://purl.umn.edu/18200
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