Abstract
Decentralized market economies are complex systems that involve large numbers of heterogeneous participants. A good abstraction of this scenario is illustrated by the El Farol problem. In this problem, there is a bar with a fixed capacity and a given number of participants need to choose between either stay at home or go to the bar. However, if the attendance is above or equals the capacity of the bar, it becomes too crowded and the participants who attended did not have fun. In this paper we provide insight into the behaviour of the participants in those decentralized market economies scenarios by using a cognitive modelling approach in the El Farol problem. In three computer experiments we investigate, compare, and discuss a number of features of our agent-based model namely the relationship between beliefs and strategies, emotions of cognitive agents, as well as other aspects of market dynamics.
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Baccan, D.D., Macedo, L. (2013). Revisiting the El Farol Problem: A Cognitive Modeling Approach. In: Giardini, F., Amblard, F. (eds) Multi-Agent-Based Simulation XIII. MABS 2012. Lecture Notes in Computer Science(), vol 7838. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-38859-0_5
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DOI: https://doi.org/10.1007/978-3-642-38859-0_5
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