English, Article, Journal or magazine article edition: Modeling the Use of Nonrenewable Resources Using a Genetic Algorithm Schunk, Daniel

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Bookmark: http://trove.nla.gov.au/version/42810
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Modeling the Use of Nonrenewable Resources Using a Genetic Algorithm
Author
  • Schunk, Daniel
Physical Description
  • preprint
Notes
  • 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.
  • RePEc:xrs:sfbmaa:03-23
Language
  • English
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