On the foundation of behavior in economic models by genetic algorithms: an application to a spatial land market model

摘要

This study investigates whether economic models that are based on artificial adaptive learning may become a useful alternative to normative models. Illustratively, genetic algorithms are used to evolve bidding strategies for a fictive spatial land market. Although this application of a genetic algorithm does not lead to absolutely equal results as a normative comparative static approach would suggest, first results show economically plausible behavior in the context of bounded rationality.