{"id":"https://openalex.org/W4404351596","doi":"https://doi.org/10.1145/3677052.3698621","title":"Simulating the Economic Impact of Rationality through Reinforcement Learning and Agent-Based Modelling","display_name":"Simulating the Economic Impact of Rationality through Reinforcement Learning and Agent-Based Modelling","publication_year":2024,"publication_date":"2024-11-14","ids":{"openalex":"https://openalex.org/W4404351596","doi":"https://doi.org/10.1145/3677052.3698621"},"language":"en","primary_location":{"id":"doi:10.1145/3677052.3698621","is_oa":true,"landing_page_url":"https://doi.org/10.1145/3677052.3698621","pdf_url":"https://dl.acm.org/doi/pdf/10.1145/3677052.3698621","source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 5th ACM International Conference on AI in Finance","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://dl.acm.org/doi/pdf/10.1145/3677052.3698621","any_repository_has_fulltext":null},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5097167782","display_name":"Simone Brusatin","orcid":null},"institutions":[{"id":"https://openalex.org/I142444530","display_name":"University of Trieste","ror":"https://ror.org/02n742c10","country_code":"IT","type":"education","lineage":["https://openalex.org/I142444530"]}],"countries":["IT"],"is_corresponding":true,"raw_author_name":"Simone Brusatin","raw_affiliation_strings":["Universit\u00e0 di Trieste, IT"],"raw_orcid":"https://orcid.org/0009-0001-0078-7208","affiliations":[{"raw_affiliation_string":"Universit\u00e0 di Trieste, IT","institution_ids":["https://openalex.org/I142444530"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5020071127","display_name":"Tommaso Padoan","orcid":"https://orcid.org/0000-0001-7814-1485"},"institutions":[{"id":"https://openalex.org/I142444530","display_name":"University of Trieste","ror":"https://ror.org/02n742c10","country_code":"IT","type":"education","lineage":["https://openalex.org/I142444530"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Tommaso Padoan","raw_affiliation_strings":["Universit\u00e0 di Trieste, IT"],"raw_orcid":"https://orcid.org/0000-0001-7814-1485","affiliations":[{"raw_affiliation_string":"Universit\u00e0 di Trieste, IT","institution_ids":["https://openalex.org/I142444530"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5051607028","display_name":"Andrea Coletta","orcid":"https://orcid.org/0000-0003-1401-1715"},"institutions":[{"id":"https://openalex.org/I103737770","display_name":"Bank of Italy","ror":"https://ror.org/03v2nbx43","country_code":"IT","type":"funder","lineage":["https://openalex.org/I103737770"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Andrea Coletta","raw_affiliation_strings":["Banca d'Italia, IT"],"raw_orcid":"https://orcid.org/0000-0003-1401-1715","affiliations":[{"raw_affiliation_string":"Banca d'Italia, IT","institution_ids":["https://openalex.org/I103737770"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5046588225","display_name":"Domenico Delli Gatti","orcid":"https://orcid.org/0000-0001-8819-090X"},"institutions":[{"id":"https://openalex.org/I103320735","display_name":"Universit\u00e0 Cattolica del Sacro Cuore","ror":"https://ror.org/03h7r5v07","country_code":"IT","type":"education","lineage":["https://openalex.org/I103320735"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Domenico Delli Gatti","raw_affiliation_strings":["Universit\u00e0 Cattolica del Sacro Cuore, IT"],"raw_orcid":"https://orcid.org/0000-0001-8819-090X","affiliations":[{"raw_affiliation_string":"Universit\u00e0 Cattolica del Sacro Cuore, IT","institution_ids":["https://openalex.org/I103320735"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5002088349","display_name":"Aldo Glielmo","orcid":null},"institutions":[{"id":"https://openalex.org/I103737770","display_name":"Bank of Italy","ror":"https://ror.org/03v2nbx43","country_code":"IT","type":"funder","lineage":["https://openalex.org/I103737770"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Aldo Glielmo","raw_affiliation_strings":["Banca d'Italia, IT"],"raw_orcid":"https://orcid.org/0000-0002-4737-2878","affiliations":[{"raw_affiliation_string":"Banca d'Italia, IT","institution_ids":["https://openalex.org/I103737770"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":5,"corresponding_author_ids":["https://openalex.org/A5097167782"],"corresponding_institution_ids":["https://openalex.org/I142444530"],"apc_list":null,"apc_paid":null,"fwci":4.3726,"has_fulltext":false,"cited_by_count":4,"citation_normalized_percentile":{"value":0.95081174,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":96,"max":98},"biblio":{"volume":null,"issue":null,"first_page":"159","last_page":"167"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9897000193595886,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9897000193595886,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.9894000291824341,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.9825999736785889,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/rationality","display_name":"Rationality","score":0.8127464652061462},{"id":"https://openalex.org/keywords/reinforcement-learning","display_name":"Reinforcement learning","score":0.8115574717521667},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.6145444512367249},{"id":"https://openalex.org/keywords/reinforcement","display_name":"Reinforcement","score":0.4553942084312439},{"id":"https://openalex.org/keywords/artificial-intelligence","display_name":"Artificial intelligence","score":0.3575248122215271},{"id":"https://openalex.org/keywords/engineering","display_name":"Engineering","score":0.15509581565856934},{"id":"https://openalex.org/keywords/epistemology","display_name":"Epistemology","score":0.0754309892654419},{"id":"https://openalex.org/keywords/philosophy","display_name":"Philosophy","score":0.05427682399749756},{"id":"https://openalex.org/keywords/structural-engineering","display_name":"Structural engineering","score":0.049962133169174194}],"concepts":[{"id":"https://openalex.org/C201717286","wikidata":"https://www.wikidata.org/wiki/Q938185","display_name":"Rationality","level":2,"score":0.8127464652061462},{"id":"https://openalex.org/C97541855","wikidata":"https://www.wikidata.org/wiki/Q830687","display_name":"Reinforcement learning","level":2,"score":0.8115574717521667},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.6145444512367249},{"id":"https://openalex.org/C67203356","wikidata":"https://www.wikidata.org/wiki/Q1321905","display_name":"Reinforcement","level":2,"score":0.4553942084312439},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.3575248122215271},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.15509581565856934},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0754309892654419},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.05427682399749756},{"id":"https://openalex.org/C66938386","wikidata":"https://www.wikidata.org/wiki/Q633538","display_name":"Structural engineering","level":1,"score":0.049962133169174194}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1145/3677052.3698621","is_oa":true,"landing_page_url":"https://doi.org/10.1145/3677052.3698621","pdf_url":"https://dl.acm.org/doi/pdf/10.1145/3677052.3698621","source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 5th ACM International Conference on AI in Finance","raw_type":"proceedings-article"},{"id":"pmh:oai:arts.units.it:11368/3098138","is_oa":false,"landing_page_url":"https://hdl.handle.net/11368/3098138","pdf_url":null,"source":{"id":"https://openalex.org/S4306400480","display_name":"ArTS Archivio della ricerca di Trieste (University of Trieste https://www.units.it/)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I142444530","host_organization_name":"University of Trieste","host_organization_lineage":["https://openalex.org/I142444530"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/conferenceObject"}],"best_oa_location":{"id":"doi:10.1145/3677052.3698621","is_oa":true,"landing_page_url":"https://doi.org/10.1145/3677052.3698621","pdf_url":"https://dl.acm.org/doi/pdf/10.1145/3677052.3698621","source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 5th ACM International Conference on AI in Finance","raw_type":"proceedings-article"},"sustainable_development_goals":[{"display_name":"Reduced inequalities","id":"https://metadata.un.org/sdg/10","score":0.5199999809265137}],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4404351596.pdf"},"referenced_works_count":27,"referenced_works":["https://openalex.org/W32403112","https://openalex.org/W41554520","https://openalex.org/W1481965470","https://openalex.org/W1550357179","https://openalex.org/W1966384569","https://openalex.org/W2002373723","https://openalex.org/W2006660022","https://openalex.org/W2009453185","https://openalex.org/W2126256554","https://openalex.org/W2296073425","https://openalex.org/W2575731723","https://openalex.org/W2777398564","https://openalex.org/W2913756371","https://openalex.org/W2921123283","https://openalex.org/W2963440040","https://openalex.org/W2982658062","https://openalex.org/W3124184879","https://openalex.org/W3135464703","https://openalex.org/W3156295478","https://openalex.org/W4210819156","https://openalex.org/W4306891359","https://openalex.org/W4308420217","https://openalex.org/W4312223266","https://openalex.org/W4323045017","https://openalex.org/W4379646169","https://openalex.org/W4386934282","https://openalex.org/W4388994325"],"related_works":["https://openalex.org/W4391375266","https://openalex.org/W2899084033","https://openalex.org/W2748952813","https://openalex.org/W4388260134","https://openalex.org/W2351341309","https://openalex.org/W2359095791","https://openalex.org/W2364973163","https://openalex.org/W2370332065","https://openalex.org/W2375421581","https://openalex.org/W2352025053"],"abstract_inverted_index":{"Agent-based":[0],"models":[1,5],"(ABMs)":[2],"are":[3],"simulation":[4],"used":[6],"in":[7,104,194,232],"economics":[8],"to":[9,38,42,51,111,163,170,242],"overcome":[10],"some":[11],"of":[12,15,55,60,119,145,190,219],"the":[13,53,58,71,94,105,117,122,138,143,161,195,199,209,217],"limitations":[14],"traditional":[16],"frameworks":[17],"based":[18],"on":[19,121,142,208],"general":[20],"equilibrium":[21],"assumptions.":[22],"However,":[23],"agents":[24,63,128,155,193],"within":[25],"an":[26],"ABM":[27,92,102],"follow":[28],"predetermined":[29],"\u2018bounded":[30],"rational\u2019":[31,62],"behavioural":[32],"rules":[33],"which":[34],"can":[35,214],"be":[36],"cumbersome":[37],"design":[39],"and":[40,73,148,159,180,235,239],"difficult":[41],"justify.":[43],"Here":[44],"we":[45,79,184],"leverage":[46],"multi-agent":[47,228],"reinforcement":[48],"learning":[49],"(RL)":[50,192],"expand":[52],"capabilities":[54],"ABMs":[56],"with":[57,70,107,137,156,165],"introduction":[59],"\u2018fully":[61],"that":[64,99,126,153,186],"learn":[65,130,169],"their":[66],"policy":[67],"by":[68,87,204],"interacting":[69],"environment":[72,201],"maximising":[74,135],"a":[75,81,89,187,237],"reward":[76],"function.":[77],"Specifically,":[78],"propose":[80],"\u2018Rational":[82],"macro":[83,91],"ABM\u2019":[84],"(R-MABM)":[85],"framework":[86,224],"extending":[88],"paradigmatic":[90],"from":[93],"economic":[95,244],"literature.":[96],"We":[97,124,150],"show":[98],"gradually":[100],"substituting":[101],"firms":[103],"model":[106],"RL":[108,127,154],"agents,":[109],"trained":[110],"maximise":[112],"profits,":[113,136],"allows":[114,225],"for":[115,134,226],"studying":[116],"impact":[118],"rationality":[120],"economy.":[123],"find":[125,152,185],"spontaneously":[129,168],"three":[131],"distinct":[132],"strategies":[133],"optimal":[139],"strategy":[140],"depending":[141],"level":[144],"market":[146,178],"competition":[147],"rationality.":[149],"also":[151],"independent":[157],"policies,":[158],"without":[160],"ability":[162],"communicate":[164],"each":[166],"other,":[167],"segregate":[171],"into":[172],"different":[173],"strategic":[174],"groups,":[175],"thus":[176],"increasing":[177],"power":[179],"overall":[181],"profits.":[182],"Finally,":[183],"higher":[188,220],"number":[189],"rational":[191,211],"economy":[196],"always":[197],"improves":[198],"macroeconomic":[200],"as":[202],"measured":[203],"total":[205],"output.":[206],"Depending":[207],"specific":[210],"policy,":[212],"this":[213],"come":[215],"at":[216],"cost":[218],"instability.":[221],"Our":[222],"R-MABM":[223],"stable":[227],"learning,":[229],"is":[230],"available":[231],"open":[233],"source,":[234],"represents":[236],"principled":[238],"robust":[240],"direction":[241],"extend":[243],"simulators.":[245]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":3}],"updated_date":"2026-04-29T09:16:38.111599","created_date":"2024-11-14T00:00:00"}
