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Journals ACM SIGAPL APL Quote Quad Volume 26 Issue 4

Human economic decisions are characterized by a number of factors which make them difficult to model with standard mathematical tools. Decisions can be more easily described by a set of rules, and some of them may be "rules of thumb". Economic behavior is adaptive, in that people are able to adjust to a changing environment. It is argued in this paper that the classifier system framework is a suitable means of modeling human economic decisions. A case of a simple economic decision of finding an optimal price is discussed, which is later made more complex by introducing an input variable that effects the optimal price. It is shown that classifier systems can be used in both tasks, and their performance is compared to human decisions in the same set of circumstances.

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Classifier systems and economic modeling

Mitlöhner, Johann
ACM SIGAPL APL Quote Quad , Volume 26 (4)
Association for Computing Machinery – Jun 15, 1996

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