Problem solving by heterogeneous agents

DOI10.1006/JETH.2000.2709MaRDI QIDQ5937319zbMATH OpenOpenAlexWikidataFDO

Authors Lu Hong, Scott E. Page

Publication date 9 October 2001

Published in Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL https://semanticscholar.org/paper/6bc0d82151ccc06af2d2d58d8e80e3dcec08a3ef

zbMATH Keywords

bounded variationalityeconomic agentsheuristiclearningperspective

Mathematics Subject Classification ID

Fundamental topics (basic mathematics, methodology; applicable to economics in general) (91B02)

Review text

Consider a finite number of boundedly rational problem solvers (economic agents), each of whom is characterized by a perspective and a heuristic. This pair of characteristics induces a learning style, which the agent applies to problems faced. Suppose all agents face the same finite problem, and no two agents are alike in learning style. Then the agents, formed in binary strings, are sure to arrive at the maximum value of the problem. However, the path to the maximum value need not display expected regularities. For instance, with a concave problem, one may observe increasing returns to marginal problem solvers.

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Cited in

(17)

• Matching markets and cultural selection
• Investigating peer and sorting effects within an adaptive multiplex network model
• Solving heterogeneous-agent models by projection and perturbation
• A belief-based theory of homophily
• Which hat to wear? Impact of natural identities on coordination and cooperation
• Self-managing terror: resolving agency problems with diverse teams
• Diverse organizations and the competition for talent
• Wisdom of crowds versus groupthink: learning in groups and in isolation
• Network representations of diversity in scientific teams
• A Markov Model of Referral-Based Hiring and Workplace Segregation
• Improving performance of heterogeneous agents
• Ability and Diversity of Skills
• Individual selection criteria for optimal team composition
• Group inquiry
• The range of collective accuracy for binary classifications under majority rule
• Interpreted and generated signals
• The costs and benefits of coordinating with a different group

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