Massimo Daniele Sapienza
Università di
Roma II Tor Vergata
McKinsey & Co Italia
ACE Papers
BankNet [Paper] May 1999
BankNet [Software Swarm 1.05]
June 1998*
The implementation of a simulator like BankNet allows
to show the full potential of experiments with artificial agents in the
study of economic problems.In the model the existence of banking intermediation
is displayed in presence of bounded rationality, highly imperfect information
and high transaction costs. The non coordinated agents choose on the basis
of simple rules of thumb and unintentionally create institutions
useful to reduce the complexity of the environment. The perspective is
dynamic, and the adjustment processes are in great evidence. This aspect
is more effective than in the traditional analytical models of differential
equations employed in orthodox dynamic analysis. The continuing interaction
among the agents is the evolutive engine which, “from the bottom-up” makes
it possible for the system to evolve over time through a selecting mechanism.