Modeling the Use of Nonrenewable Resources Using a Genetic Algorithm
- Publication type:
- Scholarly edition
- Metadata:
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- Abstract
- This paper shows, how a genetic algorithm (GA) can be used to model an economic process: the interaction of profit-maximizing oil-exploration firms that compete with each other for a limited amount of oil. After a brief introduction to the concept of multi-agent-modeling in economics, a GA-based resource-economic model is developed. Several model runs based on different economic policy assumptions are presented and discussed in order to show how the GA-model can be used to gain insight into the dynamic properties of economic systems. The remainder outlines deficiencies of GA-based multi-agent approaches and sketches how the present model can be improved.
- Addresses
- University of Zürich Institute for Empirical Research in Economics
- Autoren
- Daniel Schunk
- Notes
- Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.
- Datum der Veröffentlichung
- 2003
- Titel
- Modeling the Use of Nonrenewable Resources Using a Genetic Algorithm
Data source: RePEc
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