Controlled laboratory experiments are used (i) to explore individual behavior and (ii) to test theories about individual behavior. A lot of anomalies (endowment effect, context dependence, influence of irrelevant alternatives or framing) are found, not to mention non-material incentives and social preferences. In most agent-based macro-model, the focus is on fluctuations at the macro-level (cyclical behavior of prices, wage-profit-cycles, wealth distribution in econophysics models) which emerge from individual interactions governed by simple rules of thumb. I would like to know more about how the empirical insights from behavioral economics can be taken into account for modeling the behavior of individual agents in agent-based macro-models. Given the variety and complexity of individual behavior found in controlled laboratory experiments, how should the individual behavior of agents be modeled?
The work by Cars Hommes (et al.) may be interesting to you. For example:
C. Hommes (2011): The heterogeneous expectations hypothesis: Some evidence from the lab. Journal of Economic Dynamics&Control, 35, 1–24.
And other publications(?), and working papers from his homepage,
http://www1.fee.uva.nl/cendef/publications/
Thanks Reiner, I will take a look at the paper. And I already ordered Cars Hommes' latest book.
You may want to check this paper: http://www.sciencedirect.com/science/article/pii/S0921800904004422
they combine agent-based modelling and field-lab experiments; also, look at the last book by Elinor Ostrom, "Working Together" edited written with Marco Jansenn and Amy Poteete.
Since a few years we have been starting an endeavor which is based on the interplay between Experimental Economics and Agent-based Economics to the study of how to model artificial agents using human behaviors. You will find the paper on:
http://link.springer.com/chapter/10.1007%2F978-3-642-38073-0_9
Should pay a visit to the page maintained by: Leigh Tesfatsion
"ACE Research Area: Experiments with Real and Computational Agents", where many related resources are grouped together.
http://www2.econ.iastate.edu/tesfatsi/aexper.htm
https://www.researchgate.net/profile/Leigh_Tesfatsion
- Badges
- Science topic
- Similar topics
- Psychology