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2 The effects of complexity on modelling by agents
2.2 Ideal rationality and noisy information
A slight increase in the environmental complexity for the agent it when is has noisy data but enough of it to determine the extent of this noise. This requires only a slight increase in sophistication by the agent - it has enough data and computational resources to determine the form of the correct model but might need to estimate its parameters. This situation has been studied in economics as representing a simple learning process. Here the criterion of accuracy is not needed only for the determination of its best model but also as a characterisation of its resulting behaviour.
From Complexity to Agent Modelling and Back Again - Bruce Edmonds - 15 MAY 97
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