Modelling Greed of Agents in Economical Context

A classical debate in economics addresses the advantages and drawbacks of modelling from a macroeconomics perspective as opposed to modelling from a microeconomics perspective. Form the latter psychological aspects at an individual level can be taken into account in a differentiated manner. Within computer science and AI, a similar debate exists about the differences between agent-based and population-based modelling. This paper aligns both debates by exploring the differences and commonalities between populationbased and agent-based modelling in economical context. A case study is performed on the interplay between individual greed as a psychological concept and global economical concepts. It is shown that under certain conditions agentbased and population-based simulations show similar results.

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