The Effect of Level of Rationality on Macro-Activities of the Lucas-Island Model

Okasha, Ahmed and Johnson, Colin G. (2010) The Effect of Level of Rationality on Macro-Activities of the Lucas-Island Model. In: 2010 IEEE Congress on Evolutionary Computation. (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided)

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AbstractThis paper investigates the effect of different levels of rationality on the Lucas-Islands model of economic behaviour. In particular, this is studied through the use of Agentbased Computational Economics, where individual economic agents are represented by separate computational entities in an interacting computer simulation. Three different economic models are studied: one where workers are assigned randomly to firms, the second where there is loyalty to firms from workers, and the third where workers have a broader set of criteria on which to make a job choice. Simulations show that there are positive relationships between level of rationality and several factors in the model, i.e. wage, vacancy rate and production, whilst unemployment level is negatively correlated with level of rationality.

Item Type: Conference or workshop item (UNSPECIFIED)
Uncontrolled keywords: determinacy analysis, Craig interpolants
Subjects: Q Science > QA Mathematics (inc Computing science) > QA 76 Software, computer programming,
Divisions: Faculties > Science Technology and Medical Studies > School of Computing > Computational Intelligence Group
Depositing User: Colin Johnson
Date Deposited: 21 Sep 2012 09:49
Last Modified: 21 Sep 2012 09:49
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