Towards a Descriptive Model of Agent Strategy Search.

It is argued that, due to the complexity of most economic phenomena, the chances of deriving correct models from a priori principles are very small. Instead, a more descriptive approach to modelling should be pursued. Agent-based modelling is characterised as a step in this direction. However many agent-based models use off-the-shelf algorithms from computer science without regard to their descriptive accuracy. This paper attempts an agent model that describes as accurately as possible the behaviour of subjects reported in Sonnemans (1998). It takes a framework for learning that is compatible with thinking in cognitive science within this framework attempts to identify the specific process that matches the behaviour of the subjects. This suggests further modelling improvements and experiments. Copyright 2001 by Kluwer Academic Publishers