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Leigh Tesfatsion
Iowa State University
  1. Agent-Based Computational Economics: A Constructive Approach to Economic Theory.Leigh Tesfatsion - 2006 - In Leigh Tesfatsion & Kenneth L. Judd (eds.), Handbook of Computational Economics, Volume 2: Agent-Based Computational Economics. Elsevier.
    Economies are complicated systems encompassing micro behaviors, interaction patterns, and global regularities. Whether partial or general in scope, studies of economic systems must consider how to handle difficult real-world aspects such as asymmetric information, imperfect competition, strategic interaction, collective learning, and the possibility of multiple equilibria. Recent advances in analytical and computational tools are permitting new approaches to the quantitative study of these aspects. One such approach is Agent-based Computational Economics (ACE), the computational study of economic processes modeled as dynamic (...)
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  2. Modeling Economic Systems as Locally-Constructive Sequential Games.Leigh Tesfatsion - 2017 - Journal of Economic Methodology 24 (4):1-26.
    Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these essential properties imply real-world economies are locally-constructive sequential games. This paper discusses a modeling approach, (...)
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  3. Agent-Based Modeling: The Right Mathematics for the Social Sciences?Paul L. Borrill & Leigh Tesfatsion - 2011 - In J. B. Davis & D. W. Hands (eds.), Elgar Companion to Recent Economic Methodology. Edward Elgar Publishers. pp. 228.
    This study provides a basic introduction to agent-based modeling (ABM) as a powerful blend of classical and constructive mathematics, with a primary focus on its applicability for social science research. The typical goals of ABM social science researchers are discussed along with the culture-dish nature of their computer experiments. The applicability of ABM for science more generally is also considered, with special attention to physics. Finally, two distinct types of ABM applications are summarized in order to illustrate concretely the duality (...)
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  4. A Conditional Expected Utility Model for Myopic Decision Makers.Leigh Tesfatsion - 1980 - Theory and Decision 12 (2):185-206.
    An expected utility model of individual choice is formulated which allows the decision maker to specify his available actions in the form of controls (partial contingency plans) and to simultaneously choose goals and controls in end-mean pairs. It is shown that the Savage expected utility model, the Marschak- Radner team model, the Bayesian statistical decision model, and the standard optimal control model can be viewed as special cases of this goal-control expected utility model.
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  5. A Dual Approach to Bayesian Inference and Adaptive Control.Leigh Tesfatsion - 1982 - Theory and Decision 14 (2):177-194.
    Probability updating via Bayes' rule often entails extensive informational and computational requirements. In consequence, relatively few practical applications of Bayesian adaptive control techniques have been attempted. This paper discusses an alternative approach to adaptive control, Bayesian in spirit, which shifts attention from the updating of probability distributions via transitional probability assessments to the direct updating of the criterion function, itself, via transitional utility assessments. Results are illustrated in terms of an adaptive reinvestment two-armed bandit problem.
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  6. Games, Goals, and Bounded Rationality.Leigh Tesfatsion - 1984 - Theory and Decision 17 (2):149-175.
    A generalization of the standard n-person game is presented, with flexible information requirements suitable for players constrained by bounded rationality. Strategies (complete contingency plans) are replaced by "policies," i. e., end-mean pairs of candidate goals and "controls" (partial contingency plans). The existence of individual objective functions over the joint policy choice set is axiomatized in terms of primitive preference and probability orders. Conditions are given for the existence of pure policy Nash equilibrium points in n-person games, and pure policy Nash (...)
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