How appropriate are myopic optimization models to predict decision behaviour: A comparison between agent-based models and business management games

Agent-based models (ABM) are used in many cases of policy assessment in agriculture. But the behavioural assumptions of these models consider farmers as myopic optimizing profit maximizers. In this contribution we compare the behaviour of myopic computer agents with the behaviour of students playing a multi period business management game. We aim to answer the question, how far are agent-based models valid to map “real” human behaviour, so that ABM can be used well for policy impact assessment.

Issue Date:
Sep 02 2011
Publication Type:
Conference Paper/ Presentation
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JEL Codes:
C63; C93; D22; Q18

 Record created 2017-04-01, last modified 2019-08-26

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