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Evolutionary Models of Behavioural Choice

Paul Ormerod, Director, Volterra Group

3rd Feb 2012  11:00 am - Room 214/215, H69 - Economics and Business Building

The overall environment in which agents make choices has evolved rapidly. There is now a vast proliferation of alternatives. In many cases, the products are complex and difficult to evaluate. Further, greater connectivity means that agents have become much more aware of the decisions, ideas and behaviour of others.

In such circumstances, we observe two key features of the outcomes of agent behaviour. First, right-skewed non-Gaussian distributions of outcomes at a point in time. Second, turnover of the ranking of alternatives over time.

I consider models of agent behavioural choice which are compatible with this empirical evidence.