caa a22 4500 445854464 CHVBK 20180317145424.0 cr unu---uuuuu 170323e20111201xx s 000 0 eng 10.1007/s00191-010-0177-1 doi (NATIONALLICENCE)springer-10.1007/s00191-010-0177-1 Economic modeling using evolutionary algorithms: the effect of a binary encoding of strategies [Elektronische Daten] [Ludo Waltman, Nees van Eck, Rommert Dekker, Uzay Kaymak] We are concerned with evolutionary algorithms that are employed for economic modeling purposes. We focus in particular on evolutionary algorithms that use a binary encoding of strategies. These algorithms, commonly referred to as genetic algorithms, are popular in agent-based computational economics research. In many studies, however, there is no clear reason for the use of a binary encoding of strategies. We therefore examine to what extent the use of such an encoding may influence the results produced by an evolutionary algorithm. It turns out that the use of a binary encoding can have quite significant effects. Since these effects do not have a meaningful economic interpretation, they should be regarded as artifacts. Our findings indicate that in general the use of a binary encoding is undesirable. They also highlight the importance of employing evolutionary algorithms with a sensible economic interpretation. The Author(s), 2010 Agent-based computational economics nationallicence Evolutionary algorithm nationallicence Genetic algorithm nationallicence Binary encoding nationallicence Premature convergence nationallicence Waltman Ludo Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands aut van Eck Nees Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands aut Dekker Rommert Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands aut Kaymak Uzay Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands aut Journal of Evolutionary Economics Springer-Verlag 21/5(2011-12-01), 737-756 0936-9937 21:5<737 2011 21 191 https://doi.org/10.1007/s00191-010-0177-1 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s00191-010-0177-1 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Waltman Ludo Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands aut NATIONALLICENCE 700 1- van Eck Nees Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands aut NATIONALLICENCE 700 1- Dekker Rommert Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands aut NATIONALLICENCE 700 1- Kaymak Uzay Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands aut NATIONALLICENCE 773 0- Journal of Evolutionary Economics Springer-Verlag 21/5(2011-12-01), 737-756 0936-9937 21:5<737 2011 21 191 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer