2.1 Game theory Game theory is defined by Shoham and Leyton-Brown ( ) as ‘.the mathematical study of interaction among independent, self-interested agents’ (op. In this section, we systematically explore the strengths and weaknesses of both approaches, in order to identify the scope for synergy between the two. The differences between the two approaches are indeed apparent, but we claim that they are partly superficial and partly result in the two approaches being complementary, creating ample room for synergy. To many economists, game theory and agent-based modelling may seem to be two completely different things, explaining the lack of economic literature on the joint application of the two.
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