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政大機構典藏 > 社會科學學院 > 經濟學系 > 專書/專書篇章 > Item 140.119/64743

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/64743

Title:	Agent-based modeling of the El Farol Bar problem
Authors:	陳樹衡 Chen, Shu-Heng;Gostoli, Umberto
Contributors:	經濟系
Keywords:	El Farol Bar problem;Social Preferences;Social Networks;Self-Organization;Emergence of Coordination
Date:	2012
Issue Date:	2014-03-20 16:23:54 (UTC+8)
Abstract:	In this paper, we study the self-coordination problem as demonstrated by the well-known El Farol problem (Arthur, 1994), which has later become what is known as the minority game in the econophysics community. While the El Farol problem or the minority game has been studied for almost two decades, existing studies are mostly only concerned with efficiency. The equality issue, however, has been largely neglected. In this paper, we build an agent-based model to study both efficiency and equality and ask whether a decentralized society can ever possibly self-coordinate a result with the highest efficiency while also maintaining the highest degree of equality. Our agent-based model shows the possibility of achieving this social optimum. The two key determinants to make this happen are social preferences and social networks. Hence, not only doe institutions (networks) matter, but individual characteristics (preferences) also matter. The latter are open to human-subject experiments for further examination.
Relation:	Simulation in Computational Finance and Economics: Tools and Emerging Applications, IGI Global, chapter 17, 359-377
Data Type:	book/chapter
DOI 連結:	http://dx.doi.org/10.4018/978-1-4666-2011-7.ch017
DOI:	10.4018/978-1-4666-2011-7.ch017
Appears in Collections:	[經濟學系] 專書/專書篇章

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